Marine
Contact the Marine insurance team today to find out more
email usMarine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. We provide all types of marine insurance coverage including marine hull insurance, marine cargo insurance, stock throughput insurance and marine liability insurance.
Marine hull insurance
Our marine hull insurance covers all sizes of vessel from the largest tankers and container ships to small craft and yachts. We protect ocean-going vessels worldwide against risks such as physical damage and collision liability. We also offer marine hull war insurance to protect against the risk of piracy and terrorism, as well as war physical damage to vessels. Kidnap & ransom cover can be added to hull cover.
Coverage
- Navigating all risks
- Restricted conditions
- Increased value / disbursements / total loss interests
- Building / construction
- Mortgagees interest
- Port risks
- War risks / war loss of hire / piracy
Target markets
Blue water (sea going) vessels of all types including:
- Bulk carriers
- Tankers
- Cruise vessels
- Coastal water vessels
- Green water including offshore supply / support vessels
- Brown water including tugs, barges and short sea coastal vessels
- Building/construction
- Mortgagees interest
Geographical area
Worldwide
Marine cargo insurance
Marine cargo insurance provides cover against loss or damage to goods whilst being transported worldwide by road, rail, sea or air. It can also cover goods whilst held in storage. Any business that imports, exports or manufactures goods are likely to have a need for marine cargo insurance as it goes above and beyond the cover provided under goods in transit insurance. This includes the full spectrum of risks from loss, damage and theft to war and terrorism in transit. We also offer liability insurance for freight forwarders, haulers and logistics companies.
Coverage
- Physical damage to or loss of cargo
- Stock throughput
- Exhibitions
- Own goods (engineers' tools/equipment)
- Project cargo and delay in start-Up
- Ability to front for captives
Target market
All general cargo risks for:
- Manufacturers, traders, assemblers, retailers, distributors
- Stock throughput – combined stock and transit risks
- Project risks, including delay in start-up
- Contractor’s equipment (mobile)
- Liability for global logistics operators
- Liability risks for forwarders, hauliers and warehouse keepers
Geographical area
Worldwide
Stock throughput insurance
A stock throughput policy provides cover for all moveable goods that are the subject of the client’s trade including raw materials, semi-finished and finished products. The goods are covered at all times whether in transit, undergoing process (although damage caused by the process is excluded) or in store at own or third party premises. A stock throughput policy provides seamless cover avoiding potential gaps and disputes that might arise if the cover were to be placed under a combination of marine and non-marine policies. Furthermore, administration is easy with premium based upon a single percentage rate applied to the client’s turnover.
Coverage
- Reduced administration
- No shipment or location reporting requirements
- One single policy rather than multiple policies
- Cover on an “any one location” basis avoiding named location including third party locations
- Replacement cost plus freight/duty charges/plus 10% or selling price
- Worldwide
- Lower premium
- No time restriction for how long goods are in storage
- Competitive stock deductibles
- Beneficial stock limits/valuation
- Cover on an “any one location” basis avoiding named location including third party locations
- Replacement cost plus freight/duty charges/plus 10% or selling price
Geographical area
Worldwide
Protection & indemnity insurance
Protection and indemnity insurance, usually referred to as “P&I,” provides cover to shipowners, operators, and charterers for third-party liabilities encountered in the commercial operation of entered vessels. Protection and indemnity (P&I) insurance covers practically all maritime liability risks associated with the ownership and operation of a vessel, including third-party risks for damage caused to cargo during transit, risks of environmental damage such as oil spills and pollution, war, and political risks. P&I insurance is often provided by a P&I club, which is essentially a mutual insurance association that provides pooling of risks for its members. Typical members of P&I clubs include ship owners, ship operators and charterers – and more recently, membership has been opened up to freight forwarders and warehouse operators.
Coverage
The main risks covered are liabilities, expenses, and costs for:
- Loss of life, injury and illness of crew, passengers and other persons
- Cargo loss, shortage or damage
- Collision
- Damage to docks, buoys and other fixed and floating objects
- Wreck removal
- Pollution
- Fines and penalties
- Mutiny and misconduct by crew
- Crew repatriation and substitution
- Damage to property on board the insured vessel
- Quarantine
- Vessel diversion expenses
- Unrecoverable general average contributions
- Vessel's proportion of general average
Additional coverage
Extensions to cover can also be obtained for specialist operations undertaken by tugs, barge, drilling units and other specialist vessels which are generally excluded from the standard cover.
Geographical area
Worldwide
Ports & terminal operators liability
MNK Re is a specialist Lloyd’s of London broker for ports and terminal operators insurance. Ports and terminals insurance can be done or property and liability on stand-alone basis or we can also provide a ports and terminals package insurance policy quote for operators. We work with multiple syndicates at Lloyd’s of London to provide coverage to the owners and operators of ports and terminals involved in the carriage, handling or storage of cargo against legal liabilities arising out of the conduct of their business. We would normally require a completed ports and terminals insurance proposal form along with a recent survey report to be able to provide the most competitive quote.
From the largest port or global terminal operator to a small cargo handling facility, MNK Re’s ports and terminals insurance team specialists will be able to offer a creative and customised solution for your business.
Coverage
Legal and contractual liability arising from:
- Damage to cargo, vessels and equipment including demurrage and consequential losses
- Damage to third party property and bodily injury
- Removal of wreck including statutory duty
- Costs and expenses in disposal of cargo
- Vessel traffic management, navigation and pilotage
- Sudden and accidental pollution
- Advice and information
- Fines and duties
- Fire legal liability
- Infringement of personal rights
- Advertising liability
- Costs and expenses to investigate, mitigate and defend claims
Physical damage to property and handling equipment including:
- Port infrastructure
- Cargo handling equipment
- Natural catastrophes
- Marine impact
- Machinery breakdown
- Business interruption, port blockage, increased cost of working and loss of rent
Additional covers which can be considered are:
- Container fleet lessors
- Logistics, transport and warehouse operators
- Hull and machinery / protection and indemnity cover for port craft
- Marine professional indemnity
- Marine products liability
Target markets
- Landlord port authorities
- Operational port authorities
- Stevedores and wharfingers
- Inland clearance depots
- Container freight stations
- Container storage depots
Marine terminals of all types including:
- Container terminals
- Break bulk terminals
- Wet bulk terminals
- Dry bulk terminals
- Ro Ro terminals
- Passenger terminals
- Car terminals
- Ferry terminals
- River terminals
- Barge terminals
Geographical area
Worldwide
Ports & terminal operators liability
MNK Re is a specialist Lloyd’s of London broker for marine liabilities risks, marine professional indemnity insurance cover being one of them. We work with various Syndicates at Lloyd’s to provide marine professional indemnity coverage to various professionals within the maritime industry. Marine professional indemnity insurance designed to protect firms and individuals within the maritime industry against claims arising from their legal liability and errors & omissions in the exercise of the their professional duties.
Need for marine professional indemnity insurance
Many people may argue that the risk of having a marine professional indemnity claim is low. Our experience however, gained through having placed many hundreds of PI policies for our clients shows a very different picture. As professionals, it is often hard to imagine a claim being made against you, but unfortunately in our ever increasing litigious global society it seems to be an increasing trend.
Even if you are not responsible for an occurrence or event, the cost of investigation and defence can rise very quickly to large sums, which can damage or even destroy your business.
It is times such as these that you need the protection and support of professional insurance brokers and insurers and a PI policy designed to provide the protection you and your business needs.
Coverage
- Legal liability
- Errors and omission
- Cover extensions include third party liability and liability for fines and duty.
Geographical area
Worldwide
Marine hull war risk insurance
MNK Re has a facility for marine hull war risk cover for most types of ocean inshore and offshore assets, including cruise and passenger vessels, bulk carriers, LNG carriers and crude, product and chemical tankers as well as a wide range of brown water, inland and coastal tonnage and more specialist tonnage including vessels that operate in support of the offshore industry. We are backed by certain Syndicates of Lloyd’s who are established markets and recognised and respected leaders in hull & machinery, war and related insurances, with ability to construct bespoke coverage as well as using conventional market wordings. Our experts are highly experienced, knowledgeable and well-travelled supported by a claims teams offering first class service to clients
Coverage
We offer worldwide cover, with limits up to maximum Hull values.
We also cover building risks and have developed a unique product to insure the construction either whilst afloat, in dry dock or on land prior to launch.
Additional but related interests include war risks, loss of hire, war risks protection and indemnity together with marine kidnap and ransom insurance.
Additional coverage
- FOB extension
- Duty insurance
- Sellers' interest coverage
- Buyers' interest clause
- Buyers' interest coverage
Typical clients
- Ship owners and managers
- Commercial trading vessels, such as tankers, bulkers, container vessels and cruise vessels
- Specialist tonnage, such as pipe-laying, offshore support vessels, anchor handling, dredgers and accommodation units
Key exclusions
The general exclusions are given below:
- Wilful misconduct of assured
- Ordinary leakage, loss in weight or volume, ordinary wear and tear
- Insufficient packing
- Goods at retail premises
- Policy deductible
- Inherent vice/inevitable/ordinary loss
- Loss caused by delay, even if delay be caused by an insured peril
- Nuclear or radioactive weapons
- Any property other than the subject matter insured.
- Processing risk.
- Consequential Loss.
- SRCC (strikes, riots & civil commotions including Act of Terrorism)
- War and allied perils
- Absence, shortage or withholding of labour resulting from strike, lock out, labour disturbances, riot or civil commotions
- Insolvency or financial default of owners, managers, charters or operators of the vessel
- Unseaworthiness of vessels or craft or unfitness of vessel, craft, conveyance, container of lift van, where you or their servants are privy at the time of loading
- Unexplained or mysterious disappearance or stock taking losses
- Any property other than the subject matter insured
Geographical area
Worldwide
Contact the Marine insurance team today to find out more
email us