Loss of income caused by events such as
- Damage to the vessel recoverable from the underlying hull & machinery cover
- Stranding of the vessel
- Physical obstruction preventing the vessel from leaving port (excluding ice)
- Salvage or removal of damaged cargo
- Events giving rise to an allowance in General Average
Important exclusions
- Actual and constructive total loss.
- Non-physical blocking of a vessel (e.g. by order from authorities).
Frequently asked questions
The cover can be extended to respond to Loss of Hire as a result of war or war like circumstances, and for non-physical blockage due to intervention by a state power.
Detention due to piracy is not covered under this policy, however, Gard has a specific product for these risks.
The standard minimum deductible is 14 days.
All parties with an insurable interest in the vessel’s income, who would be financially prejudiced by the vessel being out of operation.
Limits of cover are offered based on the number of indemnity days, multiplied by the daily earnings as stipulated in the policy.
