V.Scope provide our customers with the widest choice of marine insurance products, which can be tailored to their individual needs. Our relationships with leading marine insurance companies ensure our customers achieve comprehensive protection of their asset at a competitive and sustainable price.
Cover for physical loss or damage to the vessel as a result of an insured peril. Most H&M policies are bound on an agreed value basis. May also include certain shipowner’s liabilities to third parties including Collision Liabilities, Salvage and Salvage charges and other costs incurred to mitigate loss.
Sometimes referred to as Disbursements or Hull Interest. Insures the shipowner as a result of a total loss insured under the policy. May also include certain liabilities in excess of the underlying Hull & Machinery policy.
Compensates the shipowner for loss of the ship’s income as a result of a Hull & Machinery insured peril. Most policies are bound on a fixed and agreed daily amount. Policies can also be purchased which include cover for loss of income resulting from certain perils excluded under H&M policies.
P&I is a comprehensive liability insurance specifically developed for shipowners. It includes legal liabilities payable to third parties for oil pollution, loss/shortage/damage to cargo, wreck removal and collision with another vessels. It also covers the shipowner’s legal liabilities towards crew, passengers & other persons on-board the vessel for injury, illness, death, either contractual or otherwise. We also offer a COFR service to our clients.
Normally provided by the shipowner’s P&I insurer or other specialist underwriters. This is cover for legal expenses incurred in either defending or initiating a legal claim arising from the operation of the ship. Cover can also be purchased during the building phase of a vessel.
For vessels trading in certain high risk areas, there is an enhanced risk of the insured vessel being seized or crew being kidnapped by pirates. K&R insurance provides vessel owners with insurance cover for costs and losses arising from the incident, including payment and delivery of ransom and any associated loss of income. The comprehensive coverage available also provides access to leading risk management firms who will support owners during the ransom negotiations until vessel and crew are safely released.
V.Scope has developed with certain leading underwriters an enhanced Port Risk product suitable for vessels which will be taken out of service for an extended period of time. This product is of particular interest to financial institutions forced to take possession of a vessel following the insolvency of a customer. In addition to standard cover for loss/damage to the vessel, cover includes oil pollution and crew liabilities, including issuance of Bunker CLC Certificate by an approved guarantor.
War Risk insurance dovetails with any similar exclusion in the vessel’s H&M and P&I insurances. Nowadays it is normal that War Risk cover also includes piracy as an insured peril. Annual War cover is relatively inexpensive, but additional premiums are payable for voyages through certain high risk areas agreed in advance. V.Scope can negotiate attractive fleet rates as a result of longstanding relationships between leading War underwriters. Cover can be extended to include Loss of Hire resulting from a War Risk insured peril.
Covers the buyer of a vessel against claims brought by creditors unknown at the time of purchase of the vessel. Provides cover for payment of claims being enforced against the vessel in rem under new ownership, as well as legal expenses associated in defending the claim. Also available to banks repossessing vessels from insolvent customers.
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