Wherever landlord or operational port, stevedore or container freight station our specialists will be able to identify your exposures and to design tailor made solution to cover all liabilities port or terminal operator may have. Normally underwriters are also keen to include cover for handling and rolling equipment owned and/or operated by the terminal.
Although, as mentioned above, each and every port protection program is different there are certain classes of cover included in the policy, as follows.
- Third party liability, which is protecting port operators against claims of any third party for bodily injury, loss of life or damage to such third party property. It is important that this cover is not only applicable for direct losses (as it tends to be on the non-marine market), but also to cover consequential financial loss. It is important as any physical damage to serviced vessel will most probably result in demurrage claim against the terminal.
- Liability for cargo is the basis of any cover as it involves straight forward liability of any operational port or terminal. Insurance solutions are based on back-to-back liability principle when underwriters would accept the same amount of liability as their client does based on their contracts with customers, subject such contracts were seen and approved by underwriters. In addition, underwriters will cover costs to defend unjustified claims.
- Liability for financial loss suffered by customers of the port caused by errors, omissions or negligence in performing services of the port is also important part of cover. It is essential that such cover would be available worldwide and would include additional costs, such as additional freight for misdirected cargo.
In addition to liability products our specialists will be happy to arrange cover for:
- Handling, loading and rolling equipment against all risks, including machinery breakdown;
- Wreck removal costs
- Fines and duty
- Port blockage, including business interruption (“wet BI”)
- Demurrage resulted from equipment breakdown
- Many other tailor made solutions