The Liability (including Indemnity and Protection) Insurance policy is a pact that protects the ship owners or any maritime vessel owners from third-party liabilities that can arise from crew members and passengers, other vessels and properties. This Insurance policy is specifically designed to cover the open-ended risk that many traditional insurers are reluctant to provide coverage for. It also provides to cover the court fees, costs and settlement fees in addition to the claim, in case a lawsuit is being filed.
The Liability (including Indemnity and protection) is an insurance policy where the issuer company guarantees to outlay the compensation for losses and damages to the policyholder against the risks such as damage to cargo during transit, environmental damage risks, political risks, bodily harm or property damage or any other such perils. The insurance company promises to make the payment for covered loss in exchange for the premiums being paid by the policyholder.
Scope of our services.
Owing or operating a maritime vessel or ship is a great responsibility which is complemented with a number of liabilities. The vessel owners are nowadays exposed to a wide variety of third party liabilities, which can result in costly lawsuits and claims. Such liabilities can be financially devastating and hence Liability (including Indemnity and Protection) Insurance can prove to be a boon in the times of distress covering all the liabilities.
It covers injuries, loss of life, illness, medical expenses, damage to other vessels or properties, damage to cargo, wreck removal, the quarantine on board, the cost of repatriation, oil spill and pollution, civil liabilities, war and political risk and many other accidents in proximity to the ships. Shipping a vessel is a complex process that undertakes the involvement of many risks that needs to be undertaken by the owner of the ship. Therefore Protection and Indemnity Insurance is a crucial part of marine insurance.
Our Liability (including Indemnity and Protection) Insurance policy team at Zoom always makes sure to help the owner of the shipment garner the benefits of the policy to the full potential. We work to empower the policyholder with sustainability and financial strength, with cost-effectiveness. Insurance brokers at Zoom work hard to offer effective solutions to the clients in the following ways: