Water transport insurance

Water vessels, together with their machinery and equipment, as well as their freight, are accepted for insurance.

Insured risk, insured event

The amount of the insurance payout is determined on the basis of one of the following conditions, which include the following insured events:

- "With liability for total loss and damage"

- "With liability for damage"

- "With liability only for total loss of the vessel, including salvage costs"

- "With liability only for total loss of the vessel"

The insurance premium depends on factors such as:

• the list of selected insured risks;
• the characteristics of the vessel (year of build, displacement, etc.);
• the territory of insurance.

The object of insurance is the Policyholder's property interests related to damage, destruction and/or loss of the vessel, including its hijacking or theft.

The sum insured is the amount of money for which the object of insurance is insured and which represents the maximum extent of the Insurer's liability upon the occurrence of an insured event.
An insured event is an event upon the occurrence of which the insurance contract provides for an insurance payout.

An insured event is damage, loss and/or destruction of the vessel that occurs during the term of the insurance contract as a result of:
accidental external impact;

fire or spontaneous combustion;

a transport accident, meaning an event that occurs while the vessel is under way and with its involvement, in which people are killed or injured, other vehicles, structures or cargo are damaged, or other material damage is caused;

theft or hijacking of the vessel. Theft means the unlawful gratuitous seizure and/or appropriation of the vessel, committed for mercenary purposes, by the guilty party for their own benefit or for the benefit of others, causing damage to its owner or other holder. Hijacking means the unlawful taking possession of the insured vessel without the intent to steal it;
natural disaster;
unlawful acts of third parties.
The Policyholder may additionally insure:
expenses incurred by the Policyholder in searching for and locating the insured vessel that was considered lost or about which there was no information after the maximum voyage duration was exceeded;
the cost of emergency rescue operations in the area of the port where the insured vessel was in distress;

the cost of transporting workers, materials, tools and equipment needed for repairs to the place where the vessel is located at the time of repair, or reasonable costs of transporting the vessel or damaged parts by the most economically acceptable means to the place where repairs are to be carried out;

the cost of trial voyages or other voyages related to obtaining a certificate of seaworthiness after the vessel has been directly restored following an insured event;

returning the vessel to its home port or the most suitable nearest port from the place of the incident.