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Newsletter 2: Vessel Insurance |
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Written by Maria Karlsson
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Friday, 10 September 2010 05:04 |
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Hello Everyone! In this August issue of Crew Insurance Services News Letter, we’ll inform you of the different sections of a vessel insurance policy. Vessel insurance policies vary in nature, but there are common sections in a policy. These sections are Hull Insurance, Protection & Indemnity, and Medical Payments. All policies are different and are subject to definitions, terms, conditions, exclusions, and limits contained in the actual written policy and endorsements to that policy. | Hull Insurance: The Hull Insurance section of the vessel insurance policy includes coverage for the Hull & Materials, Engines & Machinery, Tenders, Dinghies, Wave Runners, Mopeds etc., and includes the personal effects of the passengers and crew.(Read more… link to www.crewinsuranceservics.com vessel insurance page) | | | | | Protection & Indemnity (P&I)Protection and Indemnity is the most comprehensive form of marine liability.
P&I provides liability coverage for the insured for bodily injury and property damage to third parties, liability to hired crew, defense cost coverage and wreck removal when required by law. Medical Payments: The medical payments section covers bodily injury caused by accidents, sickness or disease, and includes the required care, loss of services and death resulting there from. Coverage for the captain and crew is available 24 hours a day, while in the employment and signed onto the yacht, ashore or afloat during the entire insurance period. Limits could be USD 100,000 each person per accident. Keep in mind that a separate crew medical insurance plan should be added to cover “non-emergency” related accidents and illnesses for added crew protection. |
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