Charterers Risk Overview
By the nature of the contracts they sign, the vessels they charter or the cargoes they operate, often across a multitude of different markets and legal jurisdictions, all charterers are exposed to a diverse array of risk.
Whether as a time, voyage, slot or space charterer of a vessel, or the actual owner of cargo, commercial charterers and traders can face a myriad of potential exposures and 3rd party liabilities during the period of any shipment or charter. These typically can range from cargo liabilities or contractual indemnities, liabilities in respect of certain fines, claims for damage to the vessel or sometimes the need to contribute towards general average or salvage expenses. In extreme situations a charterer's liability might even extend to the total loss of the vessel itself or ultimate responsibility for a major pollution incident.
With one of the largest and most established programs the UK P&I Club is proud to offer market leading Charterers & Traders liability cover shaped around the specific needs of the Assured in order to cater for these risks and provide the most comprehensive insurance & risk management solution.
Who should buy the cover?
Whilst cover will be tailored around the needs of each Assured, the insurance is suitable for all charterers and is bought by a wide demographic consisting of commodity traders, container lines, grain houses, project cargo specialists, dry bulk operators, cruise providers, energy majors, shipping pools, petrochemicals corporations & mining companies to name but a few.
As part of the product, bespoke cover can be arranged for the standard charterers P&I risks (with market wide limits available) as well as extended to include additional risks & insurances where required.
The standard risks comprise liabilities arising from cargo (either on a direct, indemnity or non-contractual basis), pollution, personal injury, Damage To Hull (“DTH”), fines, damage to property and wreck removal as well as contributions in general average and/or salvage where freight or time charterers’ bunkers may be at risk.
Additional insurances are also available and may include cover for war risks, contractual deviation from the standard terms of cover, detention of the vessel, cargo owners’ legal liabilities and P&I exposures faced by NVOCCs. Cover for the loss or damage to charterers bunkers can also be arranged.
Tailored risk solutions or cover extensions may additionally be discussed upon request.
With a global network of offices and personnel the Club is able to offer round the clock technical, legal and claims assistance as well as emergency response & casualty management depending on the Assured’s preferred time zone or the location of any incident.
Furthermore, and where requested, the Club can also provide technical support and training on a number of topics and issues tailored around the specific needs, or trading exposures, of the Assured.
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