Different Types of Vessel Insurance

A – Vessels Hull and Machinery coverage.
B – Vessels Liability coverage.
C – Vessels Manufacturers’ Liability coverage.
vessel insurance iran

A- Vessels Hull and Machinery insurance

 

B – Vessels Liability Coverage

In addition to the risks that threaten the hull and machinery of vessels, due to the nature of their activity, the owners of the vessels are responsible to preserve the safety of staff, their tools and carried shipments. The vessel owners are also responsible for probable damages sustained by other vessels, jetty and the platforms settled in the sea or pollution of waters in case of any accident.

Therefore, regarding the fact that the mentioned clauses do not cover owner’s liability, and those which have such coverage are quite limited and cover the liability of vessels at the time of accident and vessels’ collision with other vessels, consequently clubs known as P & I Clubs have been established in order to prevent owners’ loss and establish confidence in Marine journeys which perform activities on a widespread scale throughout the world and cover the damages that are due to the owner’s liability.

C – Vessels Manufacturers Liability Coverage

In addition to the above coverage that is only applied to present coverage to vessels’ owners, there are other cover to provide vessels’ manufacturers with liability and are used for repair basins or vessels manufacturing installations or shipping yards. It should be noted that Bimeh Iran (Iran Insurance Co.) has provided insurance coverage in recent years in all fields, particularly Vessels Hull and Machinery insurance, fulfilling obligations mentioned in the insurance policies, and has managed to provide a remarkable confidence in the vessel owners.

Whereas the basis of insurance contract is the principle of Utmost Good Faith, and by inserting specialized conditions, payment of indemnity is subject to the presenting of documents at the time of verifying damages; therefore presenting the completed form of suggesting insurance by the policyholder and if possible presenting Per-forma invoice should be sufficient for the issuance of the insurance policy. As for the damages, it is necessary to present documents based on the insurance fields as follow.