Water transport insurance

This type of insurance provides insurance protection for shipowners and other persons, related to the operation of ships or other water transport. Insurance compensation is paid in the event of damage or loss of water transport owned by the shipowner, or other damage to his property interests in connection with the operation of such transport.

Insured event

An insured event is damage to, loss and/or destruction of water transport, as a result of:

• random external impact;
• fire or spontaneous combustion;
• transport incident, which is understood as an event, that arose during the movement of water transport and with its participation, in which people were killed or injured, other vehicles were damaged, structures, cargo, or other material damage was caused;
• theft or hijacking of water transport. Theft is understood as the unlawful gratuitous seizure and/or circulation of water transport committed by the guilty party for one’s own benefit or for the benefit of other persons, causing damage to its owner or another owner. Theft means the unlawful taking of insured water transport without the purpose of theft;
• natural disaster;
• illegal actions of third parties.

Can be additionally insured

• reasonable expenses, incurred in the rescue of water transport due to damage or forced entry into a port;
• expenses, incurred by the Insured when searching for and finding the insured water transport, considered lost or in the absence of informationabout , after exceeding the maximum flight duration;
• expenses for emergency rescue operations in the port area, where the insured water transport suffered a disaster;
• expenses for transportation of workers, materials, tools and equipment, necessary for carrying out repair work to the place, where the water transport is currently located repair, or reasonable costs of transporting watercraft or damaged parts by the most reasonable economic means to the place, where repairs are to be made;
• expenses for training voyages or other voyages, related to obtaining a certificate of fitness for use after the immediate restoration of water transport after an insured event;
• return of water transport to its own port or the most appropriate nearest port from the scene of the incident.