Deepsea
Post & Co provides insurance cover for marine liabilities, briefly referred to as P&I insurance, resulting from vessel operations. Assureds can be Owners, Operators, Bareboat Charterers and Managers but also Time/Voyage Charterers and other entities with an interest in the vessels concerned are amongst our client base. We work with assureds and their insurance brokers on a global scale.
Covers include P&I, Freight, Demurrage & Defence (F.D. & D.), Charterers’ Damage to Hull, Bunkers, Freight Insurance, Legal Expenses and other marine liability related insurances. Standard P&I insurance is based on the P&I Rules of the P&I Clubs being members of the International Group of P&I Clubs. Today, the worldwide shipping industry requires more diverse insurance covers, which continuously need to be adapted to keep pace with current market developments.
Post & Co approaches each client individually to provide adequate insurance with covers “made to measure” for the specific type of operations involved. We offer a wide range of insurance solutions for risks outside the standard P&I cover. In doing so, we have a history of developing wordings and ideas that have become market standards or industry guidelines.
Depending on the type of risks and operations, the liability covers are arranged with either one of the P&I Clubs, in the fixed premium market or with one of our marine liability facilities at Lloyd’s. With Lloyd’s we maintain a strong, long term relationship, linking 100% Lloyd’s security with the know-how of our organization.
At Post & Co we combine our knowledge of the insurance markets with practical experience in the shipping industry. Most of our staff in the Underwriting & Broking and Claims departments enjoy a shipping background. This ensures expert advice on the various risks and required covers. To back up our expertise, we offer 24/7 in-house claims service by our dedicated claims handlers.
We serve any volume of business, ranging from single vessel Owners or Operators and one-off Charterers to fleets, long term Time Charterers and Traders. All operating on a worldwide scale.
If you have any questions about your marine liability exposure and possible insurance solutions, please contact our Underwriting & Broking department for advice or a quotation.
Owners
Charterers
P&I insurance covers the liabilities resulting from operations of the vessel and has originally been initiated by ship owners. Apart from this category, also other operators like managers and charterers can be covered for these risks.
P&I insurance covers Assured’s liabilities such as (but not limited to):
• Personal injury of seamen, passengers and others on board
• Loss or damage of cargo
• Pollution
• Wreckremoval
• (Excess) collision with other vessels and property
• Towage
• Property on board
P&I insurance covers Assured’s liabilities such as (but not limited to):
• Personal injury of seamen, passengers and others on board
• Loss or damage of cargo
• Pollution
• Wreckremoval
• (Excess) collision with other vessels and property
• Towage
• Property on board
Freight, Demurrage & Defence covers the legal expenses of the Assureds to defend their position in disputes which do not fall under the P&I insurance. These can be disputes in respect of Charter Parties, Bills of Ladings, Contracts of Carriage and disputes related to demurrage, freight payment, etc. The insurance covers the legal expenses in respect of these proceedings, not the actual amounts under dispute.
The F.D. & D. insurance will have a deductible to be borne by the Assureds themselves. Such a deductible can be covered under the Legal Expenses cover, subject to the condition that also F.D. & D. cover has been taken out.
The conventional P&I insurance covers the legal liabilities of the assured. Legal liabilities arise from national laws and international conventions and depend on the trade and the operation of the vessel.
The Clubs / insurers expect their members / assureds to conclude contracts based on unaltered conditions for certain trades and operations such as:
• The Hague / Hague Visby Rules for the international carriage of goods
• The Athens Convention for the international carriage of passengers
Furthermore, unaltered standard BIMCO contracts like supplytime 2005, NYPE, Baltime etc. are generally accepted.
Any amendment to the standard accepted conditions need special attention and where necessary additional cover has to be arranged. Post & Co will be pleased to assist in arranging cover for such contractual liabilities.
The Clubs / insurers expect their members / assureds to conclude contracts based on unaltered conditions for certain trades and operations such as:
• The Hague / Hague Visby Rules for the international carriage of goods
• The Athens Convention for the international carriage of passengers
Furthermore, unaltered standard BIMCO contracts like supplytime 2005, NYPE, Baltime etc. are generally accepted.
Any amendment to the standard accepted conditions need special attention and where necessary additional cover has to be arranged. Post & Co will be pleased to assist in arranging cover for such contractual liabilities.
This is a commonly used abbreviation for the so-called “Ship Owners Liability” cover, which responds in case of a geographical deviation or breach under the contract of carriage. Assureds should realize that such a breach or deviation can deprive the carrier from the usual defences and limitations under the contract of carriage and prejudices the standard P&I cover. The S.O.L. Insurance covers the liability for loss of and/or damage to the cargo in case of such a breach or deviation.
War & Strikes risks insurance in basis covers physical damage and/or destruction of a vessel caused by or as a result of War-like acts such as but not limited to war, civil war, revolution, rebellion, capture, seizure, riots, civil commotions, confiscation, piracy, mines, torpedoes or other derelict weapons of war etc. War & Strikes risks clauses, however, exclude Kidnap & Ransom, which can be covered under a K&R policy.
War & Strikes risks insurance is a separate policy and finds its origin in the F.C. & S. (Free from capture and Seizure) and War & Strikes related exclusion stipulation on the Hull & Machinery policies
Nowadays, piracy is one of the first perils which comes up when talking about War and Strikes risks cover. This as, although piracy is in fact still mentioned as a named peril on the various Hull & machinery policies, in practice piracy risks have now globally been excluded from the Hull & Machinery policies and transferred to the War & Strikes risks insurance policy.
It should further be noted that cover can be extended to include P&I (including Crew) and War Loss of Hire. The P&I aspect and especially the crew extension is of importance. This as the vast majority of P&I Clubs/Underwriters provide War P&I coverage in excess of the Hull & Machinery value as deemed to be insured under the War & Strikes risks insurance. Not effecting a P&I war extension can as such have severe financial consequences.
There are trading area restrictions by means of the Navigation Limitations – Hull War, Strikes, Terrorism and Related Perils Endorsement (JW2005/001A) dated 20th June 2005 in conjunction with the current List of Areas of Perceived Enhanced Risk (Listed areas) as may be published from time to time in London by the Joint War Committee. Effectively this excludes cover for vessels trading to area’s for which separate cover on special terms and conditions is to be arranged.
We can assist in setting up War & Strikes risks insurance arrangements and all relevant extensions where required.
War & Strikes risks insurance is a separate policy and finds its origin in the F.C. & S. (Free from capture and Seizure) and War & Strikes related exclusion stipulation on the Hull & Machinery policies
Nowadays, piracy is one of the first perils which comes up when talking about War and Strikes risks cover. This as, although piracy is in fact still mentioned as a named peril on the various Hull & machinery policies, in practice piracy risks have now globally been excluded from the Hull & Machinery policies and transferred to the War & Strikes risks insurance policy.
It should further be noted that cover can be extended to include P&I (including Crew) and War Loss of Hire. The P&I aspect and especially the crew extension is of importance. This as the vast majority of P&I Clubs/Underwriters provide War P&I coverage in excess of the Hull & Machinery value as deemed to be insured under the War & Strikes risks insurance. Not effecting a P&I war extension can as such have severe financial consequences.
There are trading area restrictions by means of the Navigation Limitations – Hull War, Strikes, Terrorism and Related Perils Endorsement (JW2005/001A) dated 20th June 2005 in conjunction with the current List of Areas of Perceived Enhanced Risk (Listed areas) as may be published from time to time in London by the Joint War Committee. Effectively this excludes cover for vessels trading to area’s for which separate cover on special terms and conditions is to be arranged.
We can assist in setting up War & Strikes risks insurance arrangements and all relevant extensions where required.
Next to the War & Strikes insurance it has become common practice to also insure against the consequences following from a Kidnap & Ransom demand (amongst others as a result of an attack by pirates).
This type of insurance is closely connected to the War & Strikes insurance. It basically covers the ransom and associated expenses incurred following a kidnap incident for private individuals in any country in the world (not covered under a War & Strikes risks insurance).
The Kidnap and Ransom insurance is designed to specifically meet the needs of vessel owners in dealing with a host of demands by the kidnappers which requires swift action /response. Among the benefits are kidnap negotiators on hand to assist with negotiation and delivery of any ransom. The policy normally covers all related costs incurred specifically to secure the prompt safe release of the vessel, crew and cargo.
Various limits, area’s of cover and duration of the policy are available to offer tailor made solutions. One can understand that the premium for the areas mentioned in the List of Areas of Perceived Enhanced Risk (listed areas) are significant higher than for those areas which are not listed.
This type of insurance is closely connected to the War & Strikes insurance. It basically covers the ransom and associated expenses incurred following a kidnap incident for private individuals in any country in the world (not covered under a War & Strikes risks insurance).
The Kidnap and Ransom insurance is designed to specifically meet the needs of vessel owners in dealing with a host of demands by the kidnappers which requires swift action /response. Among the benefits are kidnap negotiators on hand to assist with negotiation and delivery of any ransom. The policy normally covers all related costs incurred specifically to secure the prompt safe release of the vessel, crew and cargo.
Various limits, area’s of cover and duration of the policy are available to offer tailor made solutions. One can understand that the premium for the areas mentioned in the List of Areas of Perceived Enhanced Risk (listed areas) are significant higher than for those areas which are not listed.
Covers loss of revenue, additional costs, expenses and contractual penalties resulting from a range of perils including machinery breakdown, political risks, strikes, earthquakes and other incidents resulting in delay of the vessel.
Certificate of Financial Responsibility (Water Pollution) – abbreviated COFR
For many years already we assist operators to obtain a COFR where required. For this purpose we have established good contacts with the various market parties involved as well as the U.S. Coast Guard.
Which vessels require a COFR
Vessels of 300 GT and above, calling at waters under U.S. jurisdiction are required to have a valid Certificate of Financial Responsibility (Water Pollution) on board.
What is a COFR
A COFR is a Federal Certificate issued by the US Coast Guard and is to evidence that operators can meet their obligations in case of a water pollution in accordance with certain US pollution laws.
Non Compliance with Regulations
In case of any calls made without a valid COFR certificate on board, the vessel involved can be detained or denied access to such waters with operators risking huge fines for non compliance with U.S. legislation.
Waters under US Jurisdiction – not only U.S. waters/EEZ
This requirement involves waters under U.S. jurisdiction, which not only includes the EEZ/waters of mainland U.S.A. but also waters of Dependencies like Puerto Rico, Guam, American Samoa etc.
Other COFR State Certificates
Next to the (Federal) COFR, individual U.S. States also have their own COFR requirements. The States California and Alaska are examples of such States. Also for these State COFR certificates we can provide assistance where required.
Other Certificates
Next to the above COFR’s there may be other certificates/arrangements required. From a practical perspective, given our involvement with vessels calling at US waters, we have obtained quite some experience in assisting our clients to obtain the most relevant certificates in our field, which next to COFR’s, include International Carrier Bonds as well as a COFR for passenger vessels – FMC Certificate(s).
The latter dedicated towards passenger vessels performing voyages to waters under U.S. jurisdiction. These vessels, subject to a number of parameters, have to evidence that the Operators are capable of meeting their obligations towards these passengers in either performing the voyage and delivering the passengers at final destination or in meeting liabilities following personal injury, death or sickness of passenger(s).
Operators responsibility
Although we try to assist our clients as much as possible, it is eventually up to owners/operators of vessels to establish which certificates are required and obtain these. Some certificates require quite some information to be disclosed and timely application as well as efforts from the side of operators to be taken given the substantial framework of regulations and requirements applicable.
Should you require any assistance following a scheduled call at waters under US jurisdiction therefore please feel free to contact us.
For many years already we assist operators to obtain a COFR where required. For this purpose we have established good contacts with the various market parties involved as well as the U.S. Coast Guard.
Which vessels require a COFR
Vessels of 300 GT and above, calling at waters under U.S. jurisdiction are required to have a valid Certificate of Financial Responsibility (Water Pollution) on board.
What is a COFR
A COFR is a Federal Certificate issued by the US Coast Guard and is to evidence that operators can meet their obligations in case of a water pollution in accordance with certain US pollution laws.
Non Compliance with Regulations
In case of any calls made without a valid COFR certificate on board, the vessel involved can be detained or denied access to such waters with operators risking huge fines for non compliance with U.S. legislation.
Waters under US Jurisdiction – not only U.S. waters/EEZ
This requirement involves waters under U.S. jurisdiction, which not only includes the EEZ/waters of mainland U.S.A. but also waters of Dependencies like Puerto Rico, Guam, American Samoa etc.
Other COFR State Certificates
Next to the (Federal) COFR, individual U.S. States also have their own COFR requirements. The States California and Alaska are examples of such States. Also for these State COFR certificates we can provide assistance where required.
Other Certificates
Next to the above COFR’s there may be other certificates/arrangements required. From a practical perspective, given our involvement with vessels calling at US waters, we have obtained quite some experience in assisting our clients to obtain the most relevant certificates in our field, which next to COFR’s, include International Carrier Bonds as well as a COFR for passenger vessels – FMC Certificate(s).
The latter dedicated towards passenger vessels performing voyages to waters under U.S. jurisdiction. These vessels, subject to a number of parameters, have to evidence that the Operators are capable of meeting their obligations towards these passengers in either performing the voyage and delivering the passengers at final destination or in meeting liabilities following personal injury, death or sickness of passenger(s).
Operators responsibility
Although we try to assist our clients as much as possible, it is eventually up to owners/operators of vessels to establish which certificates are required and obtain these. Some certificates require quite some information to be disclosed and timely application as well as efforts from the side of operators to be taken given the substantial framework of regulations and requirements applicable.
Should you require any assistance following a scheduled call at waters under US jurisdiction therefore please feel free to contact us.
Just like Owners and Managers, Charterers should take out insurance to cover their liabilities resulting from the operations of the vessel.
P&I insurance covers Assured’s liabilities such as (but not limited to):
• Personal injury of seamen, passengers and others on board
• Loss or damage of cargo
• Pollution
• Wreckremoval
• (Excess) collision with other vessels and property
• Towage
P&I insurance covers Assured’s liabilities such as (but not limited to):
• Personal injury of seamen, passengers and others on board
• Loss or damage of cargo
• Pollution
• Wreckremoval
• (Excess) collision with other vessels and property
• Towage
In addition to the Charterers’ P&I risks, Charterers may be liable for damage to the vessel, occurring during the charter period. P&I insurance does not cover damage to the vessel. Charterers therefore have to take out Damage to Hull insurance, covering liability of the Charterer for such damage.
Post & Co provides tailor made covers for Charterers and we invite you to read more about our insurance solutions servicing the Charterers industry.
Post & Co provides tailor made covers for Charterers and we invite you to read more about our insurance solutions servicing the Charterers industry.
Freight, Demurrage & Defence covers the legal expenses of the Assureds to defend their position in disputes which do not fall under the P & I insurance. These can be disputes in respect of Charter Parties, Bills of Ladings, Contracts of Carriage and disputes related to demurrage, freight payment, etc. The insurance covers the legal expenses in respect of these proceedings, not the actual amounts under dispute.
The F.D. & D. insurance will have a deductible to be borne by the Assureds themselves. Such a deductible can be covered under the Legal Expenses cover, subject to the condition that also F.D. & D. cover has been taken out.
The conventional P&I insurance covers the legal liabilities of the assured. Legal liabilities arise from national laws and international conventions and depend on the trade and the operation of the vessel.
The Clubs / insurers expect their members / assureds to conclude contracts based on unaltered conditions for certain trades and operations such as:
• The Hague / Hague Visby Rules for the international carriage of goods
• The Athens Convention for the international carriage of passengers
Furthermore, unaltered standard BIMCO contracts like supplytime 2005, NYPE, Baltime etc. are generally accepted.
Any amendment to the standard accepted conditions need special attention and where necessary additional cover has to be arranged. Post & Co will be pleased to assist in arranging cover for such contractual liabilities.
The Clubs / insurers expect their members / assureds to conclude contracts based on unaltered conditions for certain trades and operations such as:
• The Hague / Hague Visby Rules for the international carriage of goods
• The Athens Convention for the international carriage of passengers
Furthermore, unaltered standard BIMCO contracts like supplytime 2005, NYPE, Baltime etc. are generally accepted.
Any amendment to the standard accepted conditions need special attention and where necessary additional cover has to be arranged. Post & Co will be pleased to assist in arranging cover for such contractual liabilities.
This is a commonly used abbreviation for the so-called “Ship Owners Liability” cover, which responds in case of a geographical deviation or breach under the contract of carriage. Assureds should realize that such a breach or deviation can deprive the carrier from the usual defences and limitations under the contract of carriage and prejudices the standard P&I cover. The S.O.L. Insurance covers the liability for loss of and/or damage to the cargo in case of such a breach or deviation.
Bunkers provided and owned by Charterers can represent a substantial value. The Charterers’ Bunker insurance covers the loss of or damage to the bunkers. If in case of General Average the value of the bunkers contribute to the General Average award, the Charterers’ Bunkers insurance covers such contribution.
This insurance covers the daily hire amount if the vessel is detained as a consequence of an act of piracy and the vessel cannot be put off hire under such circumstances. Cover pays up to the agreed limit subject to the daily hire in the Charter Party.
Covers loss of revenue, additional costs, expenses and contractual penalties resulting from a range of perils including machinery breakdown, political risks, strikes, earthquakes and other incidents resulting in delay of the vessel.
Traders, manufacturers or other Owners of goods chartering vessels to transport their cargoes will of course face the same Charterers’ Liabilities as is the case for other Charterers. In addition however cargo Owners may also be confronted with liability claims in their capacity as cargo Owners instead of Charterers. The majority of cargo insurances does not cover liabilities resulting from transport of the products. To cover these risks, Post & Co’s covers can be extended by separate agreement to include cargo Owners’ Legal Liability.
Covers the extra costs that Charterers may incur due to delays resulting from marine perils. For instance, if a Charterer operating under a Contract of Affreightment (C.o.A.) has to charter replacement tonnage as the initial Charter cannot be continued due to a covered risk, this can result in substantial, additional costs for the Charterer. These extra costs fall under the Charterers’ Interest insurance.