We can arrange and place policies that cover shipowners, time charterers, voyage charterers and other clients involved in the operation of a vessel, against financial loss if a vessel is delayed by a strike or lockout.

Coverage includes:

• Delay involving entry into or departure from any port or berth
• Loading and/or discharging of cargo
• Supply or production of cargo
• Transportation of cargo to the place of loading or from the place of discharge
• The provision of supplies, services or facilities, including ship repair and maintenance

Scope of cover

The scope of the cover includes delays caused by those directly involved with the vessel such as stevedores, pilots, tug crews, lightermen or custom officials. Coverage can also include delays due to strikes of those concerned with the provision of cargoes for the vessel such as mineworkers, factory workers and people involved with the transport of the cargo to and from the vessel.

Delays are covered regardless of whether the strikes are:

• Official or unofficial
• Partial or general
• An overtime ban or go-slow

Picketing or the blacking of a vessel and the blockading of a port are also covered.

Insured amount

The basis of the insurance for a shipowner is the daily running cost of the vessel; for a time charterer it is based on the daily charter hire of the vessel; for a voyage charterer it is the amount of demurrage payable in the event of delay. The daily amount to be insured is agreed prior to the inception of the insurance.

Indemnity period and deductible

The period of indemnity and also the deductible applicable to each claim are agreed prior to inception of the policy, and can vary with the requirements of each Assured.

Premiums

Premiums are calculated as a percentage of each vessel's daily sum insured and, are on a fixed basis.

Claims

Claims are settled at the daily rate agreed at inception for the period of delay, subject to the agreed maximum period of indemnity and also the deductible. Providing the submission is in order, claims are usually finalised in a matter of days.

There is no limit to the number of claims an assured can make.