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WHAT INSURANCE COVER DO YOU REQUIRE?

WHAT INSURANCE COVER DO YOU REQUIRE?

OFFSHORE/ENERGY

TEAM

HULL & MACHINERY (H&M)

 

The rig itself with machinery and equipment, is insured under the H&M cover. This insurance will also cover liability in respect of collision with other ships and/or fixed and floating objects. Conditions are mostly of all risk type. War & Strike risks are excluded but will be covered by a separate War insurance.

HULL INTEREST (HI)

 

Hull Interest is an insurance to cover interests which the owners have in their capacity as owners of the insured ship, and which is neither covered by insurance on hull nor relates to a particular contract of affreightment, firmly established liner trade or the like. Hull Interest insurance is for total loss (TLO) only and will be paid out following a TLO settlement on the H&M policy. The sum insured of the Hull Interest insurance is allowed upto 25% of the sum insured in respect of H&M. War & Strike risk are excluded but will be covered by a separate War insurance.

LOSS OF HIRE (LoH)

 

The owner or charterer may like to protect himself for loss of income if the ship comes off hire due to a Hull and Machinery casualty. The insurance for this risk is the Loss of Hir (LOH). Such an insurance will indemnify the assured upto an agreed daily amount. However the UW:ers will require a qualification time in way of a deductible and to limit their exposure they will also put a cap on the cover in way of maximum number of days per incident and over the year.

WAR RISKS

 

The War and Strike risks excluded in above insurances (H&M, Hull Interest & Freight Interest) are covered in a special War Risk insurance. For certain excluded areas UW:ers have to be advised. To be allowed to trade in excluded areas UW:ers may demand that an additional premium (A.P.) is paid.

CONTINGENT CONTRACTOR'S EXTRA EXPENSES

 

The owner or charterer may like to protect himself for loss of income if the ship comes off hire due to a Hull and Machinery casualty. The insurance for this risk is the Loss of Hir (LOH). Such an insurance will indemnify the assured upto an agreed daily amount. However the UW:ers will require a qualification time in way of a deductible and to limit their exposure they will also put a cap on the cover in way of maximum number of days per incident and over the year.

OTHER

  • Onshore property, including equipment coverage

  • Offshore property, including rig physical damage and offshore construction

  • Construction coverage for onshore energy projects

  • Business interruption/loss of production income

  • Control of well/operators extra expense costs/re-drill/seepage/pollution

  • Excess liability/umbrella

  • General liability

  • Package options, including:

  • Boiler and machinery

  • Cargo, transit

  • Project Cargo

  • Contractors equipment

  • Extra expense

  • Miscellaneous marine liability

  • Third party liability

 

EIVIND FONDENAER

 

Mobile: +47 91 56 6601

Email: eivind.fondenaer(at)fairwater.se

ERIK ALSAKER

 

Mobile: +47 48 27 8863 

Email: erik.alsaker(at)fairwater.se

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