Vessels and units engaged in offshore operations need insurance to cover liabilities arising from the specialist nature of their activities, as well as contractual liabilities falling outside standard P&I cover.
Offshore
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Standard Products
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P&I for offshore and specialist vessels
P&I cover responds to liability for damage or loss which the assured has caused to others. The purpose of Protection and Indemnity (P&I) insurance is to shield the assured from the risk of his liability to others arising from his maritime activities. Unlike loss insurance, P&I responds to liability for damage or loss which the assured has caused to others. This insurance, which was originally intended for shipowners only, emerged during the second half of the 19th Century when it was determined that a shipowner who had caused damage to another vessel in a collision could not fully recover his liability for damage to the other vessel under his own hull policy.
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P&I for Mobile Offshore Units
P&I cover responds to liability for damage or loss which the assured has caused to others. The purpose of Protection and Indemnity (P&I) insurance is to shield the assured from the risk of his liability to others arising from his maritime activities. Unlike loss insurance, P&I responds to liability for damage or loss which the assured has caused to others. This insurance, which was originally intended for shipowners only, emerged during the second half of the 19th Century when it was determined that a shipowner who had caused damage to another vessel in a collision could not fully recover his liability for damage to the other vessel under his own hull policy.
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Hull and machinery
One of the largest blue water hull insurers worldwide, we provide a range of customised products and services. The Hull and Machinery insurance covers the assured’s economic interest in the subject matter insured – namely the ship and its equipment. Cover offered subject to standard market conditions including the Nordic Marine Insurance Plan of 2013, and the English Institute Time Clauses Hulls 1/10/83. The scope of cover may also be tailored in accordance with the assured’s need for insurance.
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Total loss
Hull Interest insurance is a cover against actual total loss, constructive total loss or compromised total loss. A total loss could leave the shipowner in a position where the hull value would be inadequate to cover the costs and expenses necessary to replace the lost vessel or ordering a new vessel. The Hull Interest cover allows the shipowner to have an expectation of returning to status quo in the event of a total loss, even taking into consideration the total capital value of the ship. Cover offered subject to standard market conditions including the Nordic Marine Insurance Plan of 2013 and English standard conditions.
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War
The war risks cover provides the shipowner with insurance against war perils during situations of war or war-like conditions. War perils are usually excluded under the standard Hull and Machinery conditions, so it is necessary for an assured to buy cover separately against war risks. Standard war cover is available on English terms and the Nordic Marine Insurance Plan of 2013.
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Loss of hire
The loss of hire cover protects the shipowner from a daily loss of income arising from physical damage to the vessel. This can be 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, salvage or removal of damaged cargo and events giving rise to an allowance in General Average. The cover can also 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.
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Crew cover
The crew cover responds to a crew management company’s legal or contractual liability for crew members under contract and arising out of operations customarily carried out at the risk and responsibility of a shipowner. Crew managers, acting as principals, prefer to take out separate crew risk insurance in order to handle claims directly with their insurer. In addition, crew managers are occasionally not permitted to be co-insured under the owners’ P&I insurance, and therefore need to take out separate crew insurance. Gard’s crew cover is developed for these situations, and responds to the traditional crew liabilities.
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Additional Products
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Comprehensive general liability for offshore and specialist vessels (CGL)
Since there are certain restrictions which form the framework of the standard cover offered by the P&I Clubs of the International Group it became necessary for Gard to offer a separate “bolt on” insurance concept for Members to meet the various exclusions / limitations imposed on liabilities assumed in offshore contracts and during specialist operations. Gard believes that this combination of the standard P&I insurance and the integrated CGL Offshore Cover is superior to the alternative of multiple policies involving multiple underwriters.
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Comprehensive general liability for MOUs (CGL)
The CGL MOU cover is a cover designed to fit seamlessly with the underlying MOU P&I cover. The cover is available for drilling units, accommodation units, service units and production and storage units, with standard limits of USD 10 and 25 million (sub-limits USD 5 and 10 million for seepage and pollution from well). The distinction between specific risks falling within or outside standard P&I cover is not always clear, and the combination of P&I and CGL Cover creates a responsive and comprehensive liability package, in contrast to multiple policies from several underwriters.
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Divers’ cover
The divers’ P&I cover was developed to meet the needs of our Members who employ commercial divers and have a P&I entry with the Association for specialist vessels or service units (entered in the MOU programme). The cover includes Assured’s liability as an employer arising from injury, illness or death suffered by its divers in the course of their employment, in addition to third party liabilities caused by the acts or omissions of the divers. The standard limit of cover is USD 25 million any one event.
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Extended crew cover including crew family cover
Gard’s extended crew cover responds to employer’s liability for crew and personnel that fall outside standard P&I insurance. Examples are crew/personnel attending a ship not entered with Gard or crew and personnel remaining on board a ship not entered with Gard under standard P&I. The cover can be extended to include liabilities in respect of injury, illness or death of crew member’s spouse and children if the assured’s liability has arisen under a contract pre-approved by the Association or third party liabilities incurred by the crew or personnel where the crew is indemnified by the
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Extended loss of hire
This cover responds to loss of income caused by delay/detention of a ship that has not been physically damaged. This loss of income can arise from P&I events such as pollution spills resulting in third party property damage, stevedore personnel injury in connection with loading/unloading operations, cargo dispute leading to arrest of the vessel, denial of access to a place of refuge, delay in arrival or departure to or from scheduled port (except due to weather or ice conditions), saving persons at sea followed by intervention from the authorities and pirate seizure.
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