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Loss of HireInsurance
With you at all times
A market leader in providing comprehensive insurance
solutions
The Swedish Club is a pioneer in providing comprehensive all-in-one insurance solutions. As global trade increases in complexity, our mission
of offering expert assistance to our members and clients in managing current and future risks remains at the forefront of everything we do.
The Swedish Club
The Swedish Club
The Swedish Club is with you at all times, providing a full range of insurance solutions for every area of your business. We provide cover to some of the largest shipowning companies in the world.
Through the Club’s comprehensive approach and diversified offering we have developed a level of expertise in risk management, claims handling, underwriting, technical services, and loss prevention that few can match. This expertise is reflected not only in the effective handling and resolution of existing claims, but also in how the
Club monitors industry developments in order to prevent future claims and to provide insurance solutions for new risks. As part of our commitment to our members we are able to assist them to review contract terms such as charter party riders and bill of lading terms.
We are committed to loss prevention and communicate regularly with our members and the market as a whole.
Our goal is to reduce marine liability issues through the sharing of experience and offering recommendations through online and printed communication.
The information contained in this brochure is a general description.For full conditions, premiums, subjects and warranties, please contact your team Underwriter.
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Loss of Hire InsuranceLoss of Hire Insurance is a loss of earnings insurance, which comes into place when a vessel has sustained damage which is covered under the relevant Hull and Machinery (H&M) policy.
Loss of Hire Insurance is based on days (or part of days) when the vessel is off-hire due to a claim recoverable under H&M insurance. When the period exceeds an agreed number of deductible days - commonly 14 days - the assured has a valid claim under the policy.
There is also a set upper limit per claim, specifying the number of days the assured is paid under the insurance (normally 60, 90 or
180 days). There is also an overall limit per policy year.
Should a vessel exceed the set number of days per year at an early stage in the life of the cover, there is a possibility for the assured to reinstate the cover, by purchasing new cover for the remaining period of the policy year.
Shipowners and charterers are exposed to a complex trading environment. Sometimes one or several parameters that affect an owner’s trade contribute to a disruption in the individual vessel’s trade. Whilst in an ideal situation the owner will proactively foresee and avoid incidents that have a negative impact on trade, in some cases this is not possible. An important consequence of the vessel being unable to trade is that it is bringing in no revenue from hire. In times of tight margins and when cash flow is vital to
owners, such an unexpected shortfall of hire could prove devastating. It has become evident that vessels are often prevented from trading due to reasons other than solely physical damage to the engine or hull.
The Swedish Club’s Loss of Hire products offer the opportunity for owners and charterers to bridge the gap between a disruption in the vessel’s operations and the resulting financial impact following both a traditional Hull and Machinery event and other situations.
Loss of Hire products
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Who can be covered? • Owners
LimitsLoss of Hire Insurance: USD 40 million
DeductiblesTo be agreed
• Collision with another ship, striking any fixed or floating objects, stranding or grounding.
• Illness, injury or death of any persons on board or caused directly by the insured ship.
• Actual or alleged presence of contraband – on board the insured ship, or a search on suspicion of its presence on board.
• Pollution emanating or alleged to emanate from the insured ship.
• Desertion from the insured ship.
• Detentions in respect of:• A crime or an alleged crime committed on board.• Any incident or occurrence involving any other ship
owned and/or managed by the Assured.• The misdescription or misdeclaration of the insured
ship’s stores (but not its cargo) to an authority of competent jurisdiction.
• Stowaways on board, rescuing of refugees or saving of life at sea by the insured ship.
Delay Cover
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Examples of events and incidents:
Delay Cover is a loss of earnings insurance that covers off-hire or detention resulting from events onboard and/or ashore.
The Swedish Club
Who can be covered? • Owners and charterers
LimitsMaximum limit USD 4 million
DeductiblesTo be agreed
• The imposition of a state of quarantine upon the Master, officers, crew and/or passengers.
• Fire or explosion aboard the insured ship, its cargo, stores and/or bunkers, damage or breakdown of or in machinery aboard the insured ship, to include electrical machinery, propellers and shafts and boilers.
• War, civil war and/or any act of piracy and/or kidnap and ransom and/or abduction of persons on board the insured ship.
• Strike or stoppage of labour by the officers and/or crew of the insured ship.
Head Office GothenburgVisiting address: Gullbergs Strandgata 6, 411 04 GothenburgPostal address: P.O. Box 171, SE-401 22 Gothenburg, SwedenTel: +46 31 638 400, Fax: +46 31 156 711E-mail: [email protected]
Emergency: +46 31 151 328
Piraeus5th Floor, 87 Akti Miaouli, 185 38 Piraeus, GreeceTel: +30 211 120 8400, Fax: +30 210 452 5957E-mail: [email protected]
Emergency: +30 6944 530 856
Hong KongSuite 6306, Central Plaza, 18 Harbour Road, Wanchai, Hong KongTel: +852 2598 6238, Fax: +852 2845 9203E-mail: [email protected]
Emergency: +852 2598 6464
Tokyo2-14, 3 Chome, Oshima, Kawasaki-Ku Kawasaki, Kanagawa 210-0834, JapanTel: +81 44 222 0082, Fax: +81 44 222 0145E-mail: [email protected]
Emergency: +81 44 222 0082
OsloDyna Brygge 9, Tjuvholmen N-0252 Oslo, NorwayTel: +47 9828 1822, Mobile: +47 9058 6725E-mail: [email protected]
Emergency: +46 31 151 328
LondonNew London House, 6 London StreetLondon, EC3R 7LP, United KingdomTel: +46 31 638 400, Fax: +46 31 156 711E-mail: [email protected]
Emergency: +46 31 151 328
Contact
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