The Marine Insurance Blog

by: Djai Tanji

The Classification Societies are the loss preclusion arm of the industry with the job of determining the seaworthiness of a vessel. It is a marine engineering type service so it means that exact standards must be met and non compliance will end up in a change in classification. A number of societies are monitored by the US Coast Guard to verify which are most accurate in setting seaworthiness. One of the important warranties in the hull coverage is that the vessel cannot change classification. When a society amends a vessel’s classification, the underwriter must be informed and permitted to decide whether to continue providing coverage or not. If the underwriter is not informed, of course coverage will be void.

by: Djai Tanji

Ocean Marine and Liability Coverage is called Protection and Indemnity or P&I coverage. P&I covers bodily injury and property damage to the common public and to the master crew. Legal liability is also covered by this for the cargo of others that are carried. A pollution segregation section is profoundly attached to the basic policy and it depends on the P&I Society writing the coverage and their analysis of the loss possibility. One of the biggest writers of ocean marine coverage is Lloyd’s of London and because insurance for oceangoing vessels is deeply reinsured it is highly probable that Lloyd’s is involved in most contracts protecting ocean going vessels.

Admiral Boat Insurance provides a quick guide to laying up ashore in the Carribbean. The company provides hurricane insurance provided the boat is laid up adequately.

The hurricane area is from the Venezuelan Coast and Trinidad to Cape Hatteras and the hurricane season is from June 1st to November 30th. Best practices point to a fabricated steel cradle for the boat and tying it down at a minimum of four anchor points with heavy duty webbing tensioned by ratchets. The boat should also be tied down to the cradle or anchor points. Sails, biminis, spray hoods, dodgers, and cockpit and boat covers must all be removed. If possible, the mast should be unstepped and stored in a mast rack.

Image from www.admiralyacht.com