Fleet Management has a dedicated team with vast experience and specialized knowledge in Marine Insurance. We provide a fully integrated insurance management and claims handling service. We offer our Owners a one stop shop solution for all their maritime insurance and risk management needs. Our Marine Insurance team enables you to manage risks more effectively and economically, assisting you with bespoke solutions to meet your particular operational needs.
Fleet Management works with the global market insurers and can offer very attractive premiums for all types of marine insurances in the industry. Because of economies of scale, we believe our annual insurance premiums are among the lowest in the market.
Insurances recommended for shipowners and commercial operators of vessels.
Insurance for Ship-owners:
- Hull and Machinery (H&M) - covers total and partial loss of and damage to vessel, collision liability, general average distribution, costs of salvage and other loss caused by listed perils. We believe that the terms and conditions that we've developed over the years has many advantages to owners, which would be hard to find in a traditional placement in the open market.
- Disbursements (Increased Value) - covers for total loss (TLO) only and paid out following a TLO settlement on the H&M policy.
- Freight Interest (FI) Insurance - pays in case of TLO and is to cover anticipated earnings on loss of future freight.
- War risk cover - covers risks excluded under the H&M, IV, and FI insurances, we believe our annual and breach premiums are among the lowest in the market.
- Protection and Indemnity (P&I) - protects a vessel and its owners and operators against liability, including pollution liability, crew liability, cargo liability and etc. In addition to the standard coverages, it can be customized to include: Cargo Legal Liability / Excess Towers and Collision coverage / Liability protection for passengers' baggage and personal effects / Coverage for the expenses associated with getting crew members back home and compensating them for lost wages. We have very close relationship with most of the International Group Clubs.
- Passenger Liability Regulation (PLR) - applies in relation to all EU and EEA, and gives effect to Athens Convention relating to the Carriage of Passengers and their Luggage by Sea, 1974.
- Maritime Lien Insurance - insures liabilities for undiscovered claims which may be enforced after purchase of previously trading vessel.
- Loss of Hire (LOH) - covers for vessel's off-hire and loss of earnings in the freight market due to a Hull and Machinery casualty.
- Freight, Demurrage and Defence (FD&D) - covers the costs & expenses incurred for disputes arising from owning and operation of vessel. We have this cover with several IG Clubs and our annual premiums are among the lowest in the market.
- Marine Kidnap and Ransom (K&R) - covers the ransom, its loss in transit, the daily hire lost, the legal liability to cover settlements and expenses of negotiator.
- Federal and California COFR Guarantees - Required under State laws, our COFR guarantee premiums are among the lowest in the industry.
- Delay Insurance - protects loss of Income if vessel is delayed as a result of both ashore and onboard incidents: including strikes, Stranding, Grounding, Collision, Machinery breakdown, Drug Seize, Quarantine, Stowaways, Piracy, etc.
- Cash on board and Cash in Transit - covers theft or loss of cash onboard the vessel and while on transit to the vessel.
Insurance for Charterers or when owners operate vessels commercially:
- Charterers Liability to Hull (CLH) - covers liability of Charterers for damage to the vessel.
- Charterers Liability (CHL) - 3rd party liability and liability to cargo.
- Freight Demurrage and Defense (FD&D) - covers the costs & expenses incurred in connection with assured's defence of claims, disputes and proceedings.
- Loss of earnings - caused due to delays both onboard and shore perils.
- Loss of profit - caused due to loss of vessel.
- Equipment Insurance - for any equipment owned by the Charterer and carried onboard.
Claims Management and Risk Management:
At Fleet we manage the entire claims process for our customers and look after their interests; from notification of a claim to final collection of claim reimbursement from the underwriter. Our services include:
- Contact and communication with the insurers and other third parties, as required to update and monitor situation of each claim.
- Legal and technical advice on recoverable losses. In consultation with owners, we determine the actions required in respect of each claim – on the basis of facts; legal advice; financial, commercial, and insurance aspects, where necessary.
- We evaluate and recommend settlement of claims in relation to the insurance terms and conditions.
- The administration and collection of reimbursements from Insurers.
We manage risks for our clients, by measuring, and assessing the risk and developing strategies to manage it. Strategies include transferring the risk to another party – the best opportunity to do this and mitigate losses, arises in the immediate aftermath of an accident or casualty. Any situation can prove to be difficult if such an opportunity is lost. For our clients we control the claim handling and are able to quickly set-in-motion the mitigating measures.
Risk management strategies also include methods to avoid the risk, and reduce the negative effect of the risk. We represent only our clients' interests in all aspects of all insurance and claims handling.