Ships, Ports, and Cargo

Watercraft insurance covers ships, motorboats, houseboats, yachts, and other water vehicles. The insured event is considered to be the stranding of the ship, sinking, fire, collision, theft and other cases specified in the insurance contract. The risk of war and terrorism is not covered – it needs to be covered by an individual war insurance policy for water vehicles.

Water Transport Owners Civil Liability Insurance

  • The liability of the charterer – covers the liability of the charterer towards the ship-owner and other third parties.
  • The liability of the operator of the quay – covers the liability of the marine dock operator for damage to water vehicles at its disposal or entrusted to it (e.g. mooring a boat or yacht at the berth).
  • The liability of ship repair companies – covers the liability of the ship repair company for the damage to the ship being repaired.
  • The civil liability of stevedoring companies – covers the civil liability of stevedoring companies for damage caused to the ship or cargo during loading or unloading.
  • The civil liability of terminal operator – covers the civil liability of the terminal operator for damage to the cargo at its disposal or for the purposes of storage entrusted to it.
  • The liability of port operator – covers the liability of port operator for damage to ships and their cargo at its disposal or on its behalf.
  • The civil liability of shipbuilding company – covers the damage to the ship’s construction materials, parts and ship, as well as it covers the shipbuilder’s liability to the ship-owner until the ship is built and handed over to the owner.

Ship-owners and charterers must be insured by Protection & Indemnity Insurance (P&I) to compensate third party damage caused by a vessel they operate or charter. P&I insurance coverage generally provides insurance against the following risks: damage to or loss of cargo, environmental damage, damage to the health, life or property of the passengers or crew of a ship, damage caused by collision of vessels, removal of remnants after an insured event, repatriation costs for passengers without tickets.

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Gabrielius Marozas

Head of Specialties Unit