The specialized team of Mega Brokers in cooperation with the leading insurance companies in the domestic and international insurance market offers a wide range of services and the design of insurance solutions for all types of marine risks including hull & machinery, P&I, cargo, piracy, crew, environmental liability, ship repairers’ liability, ships, urban owner’s liability in maritime transport within the piracy, crew, environmental pollution, repair units, ports and marinas.
Hull & Machinery Insurance
Mega Brokers team offers complete insurance solutions for a wide range of customers including ship owners, management companies, brokers, contractors, charterers, institutional investors, port authorities, terminal & marina operators, owners of super yacht, ship builders and ship repair yards.
The main coverages of the category include:
- «against all risks»
- mortgaged vessels (property)
- excel / overweight cargo and machinery
- total Loss Only insurance (TLO)
- manufacturing & construction
P&I insurance relates to professional indemnity and third party liability from breach of professional duty.
The main coverages of the category include:
- costs for any claim related to the civil liability arising from the breach
- professional duty in the performance of the business
- claims brought against directors, partners and members of the company for work undertaken by the company
Insurance for cargo covers goods transported exclusively from risks that can occur during the transportation of cargo. Insurance companies provide insurance coverage by considering the following factors:
- the means to be used for cargo
- the type and value of the goods
- packing method
- the place of loading, the destination and the route to be used
The terms of insurance for transportation are governed by the LLOYD’S clauses and could be briefly summarized as follows:
- Coverage with Clause A (against all dangers) with coverage against all risks during the journey with the exception of events (that are fixed exceptions in all insurance contracts) such as indicatively fraudulent compensation claims, pollution from radioactive materials etc.
- Coverage with Clause B (relates to named risks) that covers basic risks, like clause C, but has broader coverage without however approaching the terms of clause A.
- Coverage with Clause C (relates to named risks) means that the customer will be compensated if and when specific events take place and relates events such as fire, grounding, sinking, collision, participation in general jettison and other relative risks occurring from an accident (random incident, irrespective of blame, with direct consequences of damage to the insured goods)
Of the aforementioned clauses, the most commonly used are Clause A & C. Moreover, these clauses can be extended with additional coverages such as:
- risk of war
- malicious actions
Risk mitigation measures are an essential part of any ship’s anti-piracy strategy. Mega Brokers’ executives will carry out an assessment on the risks and will identify the most advantageous and simultaneously complete security solutions against piracy.
The importance of shipping crew insurance relates to the fact that no social security fund exists to provide sailors with any such coverages. Correspondingly shipping companies often have to fully undertake the costs of its crew.
The main coverages of a shipping crew insurance policy mostly relate to the following:
- accident or illness of a crew member
- accidental loss of life, permanent partial or permanent total disability
- loss of life from disease, temporary total disability
- hospital and outpatient treatment
- return tickets of the victim and his replacement
- costs of crew travelling to the ship
- costs of burial and corpse transport
Any intentional or fraudulent act that harms the environment implies punishment (criminal offense), while any damage incurred from inadvertent errors or omissions (liability) relates to liability for damages and / or other costs.
The obligation of a ship-owning company accordingly relates to the following:
- measures for limitation of environmental harm
- expenses on inquiries
- restoration of the natural environment (when applicable)
- judicial expenses
- fines & settlement costs
Ship Repairers’ Liability
Ship repairers are responsible for watercraft and equipment in their care, custody and control as well as damage to third party property and personal injury, arising in the course of their operations.
Ship Repairer Liability insurance provides cover for legal liability that arises in the course of a ship repair business as well as on the following:
- products liability
- pollution (and clean-up costs)
- consequential income losses
- loss of use of damaged watercraft
- removal of wreck
Terminals & Ports Insurance
Insurance for terminals and ports requires the provision of customized solutions that reflect the unique risks to which they are exposed to.
Typically, coverage may include:
- cargo loss or damage of equipment and / or hull
- loss or damage to equipment due to strikes, unrest and / or terrorist attacks
- errors and omissions including delay and unauthorized delivery
- liability to third parties including sudden pollution
- fines for regulatory violations such as customs, pollution and safety
- wreck removal costs
- quarantine and disinfection costs
- risk of business interruption
- general liability
- violation of personal rights
- machine operators
- rail and road infrastructure