How we work
We are an intermediary (broker), not the insurer. We send your details to insurers and send you their quote when the insurer replies. The insurance company issues the policy and sets the cover, terms and limits.
Definitions
- Insured value: the total cover required.
- Insurance premium: the amount paid each year to the insurance company. It is always a set percentage of the value and in most cases is paid in four instalments a year.
Ship owners often have to insure their ship because a charterer or port authority requires it, not only to protect the ship and property.
What affects the insured value
- Insurance company policy
- Owner requirements: the value he needs
- Area of navigation: war regions increase the premium and decrease the cover value
- Class of the ship: the standard and reputation of the class encourage the insurer to accept a higher cover value
- Age of the ship: old ships pay a higher premium and get a lower cover value
Documents issued by the insurance company
- Insurance policy: states all the terms of the insurance; valid for one year.
- Insurance certificate (blue card): issued at the owner’s request for a third party, such as the flag or a charterer, and always addressed to that party. The insurer can issue more than one blue card to show cover for different items, such as bunker or wreck removal.
Documents you need
- Copy of valid flag certificates
- Copy of valid class and statutory certificates
- Application
Types of ship insurance
- Hull and machinery insurance: covers partial damage to the ship’s hull or machinery, and total loss of the ship.
- Protection and Indemnity (P&I): covers compensation imposed on the owner for one or all of: crew compensation for sickness or injury on duty; pollution by cargo or bunker; wreck removal; accidents.
- Cargo insurance: sometimes included in P&I, sometimes separate when a higher value is required.
Make sure the P&I insurance covers at least bunker and wreck removal, so the flag can process the BCC and WR certificates.
How to start
- Apply online: choose the service, fill in your details and upload your documents.
- We send you the quote as soon as the insurer replies. Confirm the price.
- Receive your invoice by email and pay by bank transfer.
- We process everything and send you the certificate: a copy first, then the original by courier.
Not ready to send documents? Use Get a Quote.