Marine insurance
Maritime insurance is governed by the provisions of the Maritime Code, according to which the subject of marine insurance may be any property interest related to sea navigation and which can be assessed in money. In practice this will typically be: ship, cargo, freight, passenger fare, charter fee, expected profit on cargo, commission, common failure expenses, liability liability, and a claim secured on the ship, cargo or freight. The provisions of the Maritime Code enforce frequent communication between the policyholder and the insurer and assume professionalism of both of these entities without offering any special protection for the policyholder, on the contrary, putting him in a difficult position due to the need to conduct thorough insurance risk analyzes, under the pain of the insurer’s right to withdraw from contract and maintaining the full insurance premium, which in marine insurance is usually very high due to the value of the subject of insurance. This puts a strong emphasis on the activity of the broker as the person responsible for the proper course of cooperation between the policyholder and the insurer.
In marine insurance, the conditions prepared by the Institute of London Underwriters, called institute clauses, commonly used around the world, including Poland, enjoy the greatest recognition. It is a principle adopted in the insurance industry that interpretative discrepancies in the absence of a given issue in Polish law can be resolved by the parties to the dispute on the basis of English practice and case law, as long as they do not conflict with the mandatory provisions of law and practice in Poland.
Knowledge of foreign and domestic markets allows us to offer you insurance in the field of:
P&I (Protection & Indemnity)
They cover the civil liability of the shipowner. Under numerous international conventions, ships flying the Polish flag are required to have appropriate financial security, confirmed by appropriate certificates, related to, among others, with liability for oil damage, bunker damage, collision damage, passenger damage, damage to the crew and the cost of removing the wreck. We arrange such insurance for our clients, ensuring that their interests are properly protected in the event of damage. We are able to present offers from the Polish and foreign markets. We support our clients applying for membership in shipowners’ clubs affiliated to the International Group of P&I clubs.
H&M (Hull & Machinery)
They cover damage to the insured vessel resulting from such causes as collision, failure of machinery or equipment, or damage to propulsion components. They are concluded on the basis of institute clauses developed by the Institute of London Underwriters and then annexed by individual insurers. When concluding this type of insurance, one should be aware of the numerous obligations imposed by the provisions of the Maritime Code which are not provided for by the Civil Code. They lie on the side of the policyholder or his representative (broker) and failure to comply with them results in the possibility of terminating the contract by the insurer without the right to return the premium, the possibility of increasing the premium, or deducting the due compensation. Our role is to ensure that these problems do not appear on your way. In addition, thanks to our extensive experience in the maritime industry, we are able to offer you preferential terms and methods of settlements with insurers.