| Product Line: |
Marine & Energy |
| Class: |
Marine Liability |
| Sub Class: |
Excess Protection and Indemnity (P&I) |
| Contact: |
Robert Palmer |
| Coverage: |
Provides excess coverage for liabilities arising out of the operation of owned watercraft, including liability for injury to crew and damage to cargo. |
| Geography: |
Worldwide |
| Paper: |
New York Marine And General Insurance Company
Gotham Insurance Company |
| Typical Insureds: |
Shipowners whose vessels are used for business purposes. Also bareboat or demise charterers-lessees who take full control of a shipowner’s vessel and provide their own crew and provisions. During the period that the vessel is under their control, bareboat charterers are usually responsible for procuring the same coverages as the shipowner. |
| What It Cover: |
Loss of life
Injury to and sickness of crew, passengers and third parties, except for liabilities under statutory compensation acts
Damage to cargo on board the vessel (excluded on certain small craft forms)
Damage to piers, docks, jetties, and other fixed or floating objects
Wreck removal costs
Environmental damage and cleanup costs arising from fuel or cargo discharge
Collision liability for amounts in excess of the vessel value |
| Underwriting Concerns: |
Insured’s line of business
Purpose for use of vessel
Size, age, condition, and horsepower of vessel
Number of crew, passengers, and other parties on board
Cargo exposures
Navigation limits
Claims history |
| Tips: |
Small craft primary P & I policies are often endorsed to restrict pollution coverage to bodily injury and cargo contamination. In these cases, broad coverage can be obtained through Water Quality Insurance Syndicate. |