Loss of Hire Insurance

Loss of hire or revenue, which is usual for shipowners, is not available in the Indian market. Traditional loss of hire products available in international markets trigger only when a vessel owner suffers financial loss caused by any of the perils insured under the H&M Policy. They compensate for the loss of hire or revenue during repair, subject to the Time Deductible.

Another unique product under this type, identifies 21 additional situations (perils) where there is no physical damage to the vessel, but the owner could lose charter, hire, or earnings as a result of any of those perils. These perils primarily relate to Blue Water Vessels, tonnages which operate on coastal waters and are equally susceptible to those perils.

Perils include the following:

• Fire or explosion on land
• Extraordinary weather
• Earthquake, heave
• Emergency port closure
• Abnormal physical obstruction of a berth
• Master’s refusal
• Arrest, restraint under quarantine regulations
• Infectious diseases or poisoning on board
• Illness, death or injury
• Detention following actual or alleged pollution
• Oil or chemical pollution

 Please refer to the policy document for the complete scope of cover and list of exclusions and other terms and conditions under the policy.