All types of various unforeseen events can occur in the course of water transport operation that may result in damage to or loss of water transport, which in turn can be a major setback on the financial status of the owner.
The objects of water transport insurance are all sea and river vessels, including small tonnage vessels (yachts, motor boats and jet boats). They can be insured against all risks associated with destruction, damage, theft or disappearance of the vehicle or of the internals thereof.
An insured event is the loss (destruction) of or damage to water transport resulting from the following events:
“With Liability for Loss of or Damage to a Vessel”
Damage to or destruction of the insured property resulting from collision of vessels, natural disasters, contacting sea ground or seabed of different structure, stranding; flooding, capsizing, unexpected accidental collision with another vessel or any fixed or floating object, including ice, collision with equipment and facilities at harbors, docks, piers or wharf walls, damage to the ship during cargo handling operations.
Object insured is the property interests of the policyholder related to their obligation under the civil law to compensate for any damage caused to life and health or property of the injured persons in the water transport operation.
Sum insured and insurance premium shall be established by mutual agreement of the parties.
Insured event is the fact of occurrence of civil liability of the policyholder (the insured) to compensate for damage caused to life, health and (or) property of persons affected as a result of water transport operation.
There was an accident and you have encountered a problem? Don’t you worry if you have an insurance policy with Eurasia IC JSC. We sympathize with you and are ready to give you our assistance and support.
