Maritime Mutual Cover

Maritime Mutual’s range of insurance products for ship owners and charterers provide comprehensive cover for both liability exposures and hull damage.

MARITIME MUTUAL’S SECURITY, CAPACITY, FLEXIBILITY AND RELIABILITY

Maritime Mutual’s insurance cover is provided through the process of mutuality and the premiums paid by its Members. To further protect its Members, the Club’s retained exposure is limited to the first USD 250,000 of any claim. Claims in excess of this amount are reinsured through a high quality programme created by renowned London market reinsurance brokers. Maritime Mutual’s retained exposure and its layered reinsurance programme, up to USD 1 Billion, is illustrated in the diagram below.

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The majority of Maritime Mutual’s long term reinsurance is provided by Lloyd’s Syndicates (Standard & Poor security rating A+ and AM Best rating A). the balance is provided by established company market reinsurers Hannover Ruck SE (Standard & Poor rating AA- and AM Best rating A+) and GIC India (AM Best rating A-). Maritime Mutual’s own security rating, assessed by US based ratings agency Equifax is BBB+.

In terms of capacity, Maritime Mutual can provide up to USD 1 Billion in liability cover to its Members if required. As for flexibility, there are no restrictions on vessel types, trades (apart from voyages to the USA) or age and Maritime Mutual will offer insurance terms based on observed vessel condition.

Maritime Mutual’s reliability is demonstrated by its claims settlement record which totals USD 22.5 million paid out to its Members since its establishment in 2001. This affirmative record, together with Maritime Mutual’s high level of security, has resulted in the global recognition of Maritime Mutual’s ‘Blue Cards’ and MLC certificates for both flag state and port state compliance purposes.

Our Products

Claims Handling

Damage and liability incidents cause voyage delays, customer dissatisfaction and loss of profits. Maritime Mutual’s mission is to protect their Members from business disruptions by responding quickly and pro-actively to reported incidents.

Security Rating

BBB+
Investment Grade

Maritime Mutual’s financial security is rated BBB + and ranked ‘Investment Grade’ with ‘Low Risk’ by Equifax Australasia.

Maritime Mutual Products

Ship Owners P&I

Shipowners P&I covers operational liabilities and defence costs, inclusive of collision, jetty and cargo damage as well as oil pollution, stowaways and crew and passenger injury or death. P&I cover also provides for issue of the ‘Blue Cards’ required for CLC, Bunker Convention and Wreck Removal Convention purposes as well as MLC Certificates.

Hull & Machinery (H&M)

H&M covers repairs for damage to a ship or its total loss. Dependent upon the policy terms selected, it may also cover up to ¾ of the liability for collision damage to another ship. Other liabilities covered include Salvage costs, General Average contributions and Sue & Labour expenses for minimising loss. War Risks cover will normally be provided as a separate but associated policy.

Seamless P&I and H&M Cover

Maritime Mutual is well known for its packaging of both P&I and H&M cover under separate but seamless terms that avoid any possible coverage gaps or uneconomical overlaps. Benefits also flow from risk management, letters of indemnity, claims handling and ultimate settlement all being handled under one roof.

Charterers P&I

Commonly known as Charterers Liability, this insurance covers all of the liabilities a Charterer may be exposed to, inclusive of damage to cargo shipped under Charterers’ Bills of Lading. It also covers unique Charterers liabilities such as Shipowner indemnity claims for hull damage caused by unsafe port or berth conditions as well as stevedore damage or damage to ships’ engines due to time charterers’ off spec bunkers.

Freight Demurrage and Defence (FD&D)

FD&D insurance covers the expense of legal defence and pursuit that is not included under the usual legal defence terms of Shipowners and Charterers P&I cover. This can include disputes relating to time charter off-hire and alleged underperformance or voyage charter demurrage claims and the exercise of liens for non-payment of freight. As such, FD&D cover provides additional legal protection and assistance to both Shipowners and Charterers at a comparatively low and predetermined cost.

Maritime Mutual Cover