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What is HT Maritime Insurance?
HT Maritime insurance provides protection against risks that ship owners, cargo owners and related parties engaged in maritime transportation may encounter. There are many risks that can be encountered in maritime and there are various types of insurance to minimize these risks.
HT Ship (Casco) Insurance
Scope: Provides protection against hazards that the ship may encounter; covers the risks such as collision, fire, explosion, stranding at sea. Additional Guarantees: Additional guarantees can be obtained against extra risks such as terrorism, war, rebellion.
HT Load Insurance
Coverage: Provides protection against the risks of damage, loss or theft of the cargo. Additional Guarantees: Additional guarantees can be obtained according to special packaging, storage and cooling needs.
HT Loss of Profit Insurance
Scope: Covers the loss of profit incurred due to work stoppage or delay as a result of damage to the ship. Additional Guarantees: Additional guarantees can be obtained for extra expenses and operational costs.
HT Shipbuilding Insurance
Scope: Covers damages that may occur during ship construction; It includes risks such as theft, fire, and worker errors. Additional Coverages: Additional coverage can be obtained against construction materials, special equipment and machinery malfunctions.
HT Captain and Crew Insurance
Scope: Provides protection against accidents, illnesses or deaths that the ship crew may encounter. Additional Coverages: Additional coverage can be obtained depending on long-term treatment, rehabilitation and compensation needs.
Why Should We Get HT Maritime Insurance?
The importance of having maritime insurance stems from the fact that it is an industry with many risks unique to the maritime industry. Here are some key reasons to get marine insurance:
Financial Assurance: Maritime is an industry dealing with high-cost assets (ships, cargoes, etc.). In case of any damage or accident, the costs can reach astronomical levels. Maritime insurance provides financial security by covering such damages.
Unexpected Risks: Unexpected risks such as accident, collision, theft, fire, explosion at sea can cause great financial losses for ship owners and cargo owners. Insurance provides protection against such risks.
Global Operations: Because shipping is an international activity, it may be necessary to deal with the laws and regulations of different countries. Insurance provides protection and guidance in such complex situations.
Business Continuity: Damage to a ship or cargo can disrupt the transportation process, causing work to be delayed or stopped. Special insurances, such as Loss of Profit Insurance, protect business continuity.
Safety of the Crew: In maritime, the safety of the crew is also of paramount importance. Captain and Crew Insurance covers the health and safety needs of the crew.
Legal Obligations: In the maritime industry, there may be legal liabilities for damages caused to third parties. Insurance covers the financial consequences of such liabilities.
Earthquake, War and Terrorism Risks: Particularly in certain regions, there are additional risks such as earthquakes, war or terrorist acts during maritime activities. Protection against such risks can be provided with additional guarantees.
Financial Liabilities: When financing ships or other maritime assets, banks or financial institutions often require these assets to be insured.
Complex Operations: Maritime operations include different activities such as shipbuilding, cargo handling, ship repair. Each activity has different risks within itself and can be protected against these risks with special insurances.
Competitive Advantage: Being an insured company increases reliability to customers and business partners and provides a competitive advantage.
In short, maritime insurance guarantees the financial and operational sustainability of companies and individuals operating in the sector by minimizing many risks specific to the maritime sector.
Frequently Asked Questions
What kind of damages are covered by Ship Insurance?
Basic risks such as collision, fire, explosion, stranding at sea are covered. Extra risks such as terrorism, war and rebellion can be included in the insurance coverage with additional coverage.
What are the advantages of Cargo Insurance?
Cargo owners are financially secured against the risks of damage, loss or theft of their cargo. With additional guarantees, needs such as special packaging, storage, cooling can also be included.
When does Loss of Profit Insurance come into effect?
When the ship suffers a loss and the transportation works are stopped or delayed due to this damage, the loss of profit arising from this situation is covered by this insurance.
Why is Shipbuilding Insurance necessary?
This insurance covers unexpected damages such as theft, fire, and worker errors that may occur during ship construction. This minimizes financial losses that may occur during the construction process.
What is the scope of Captain and Crew Insurance?
Incidents, illness or death that a ship's crew may encounter in the course of their work are covered. Long-term treatment, rehabilitation and compensation needs can also be included in the insurance with additional coverage.
How to calculate premium in maritime insurance?
The premium calculation may vary depending on the characteristics of the ship, the nature of the cargo, the travel route, the required guarantees and many other factors.
Which equipment is covered by Shipbuilding Insurance?
Construction materials, special equipment and machinery malfunctions are basically covered. However, more specific equipment and risks can also be covered with additional coverage.
What types of loads are covered by Cargo Insurance?
Generally, all types of cargo are covered, but depending on the insurance policy details and additional coverage, it is possible to extend the coverage.
What should be done in case of damage in maritime insurance?
In case of damage, the insurance company should be notified immediately and the necessary documents, photographs and information should be collected and presented to the company.
Is it possible to extend the period in maritime insurance?
Yes, it is possible to extend the policy with most marine insurance, but this may vary depending on the policy and terms of the insurance company.
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