Insurances & Claims
The operation of any dry bulk vessel includes risks, such as mechanical failure, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade.
Our highly experienced in-house Claims Advisor and external lawyer, supported by our technical, operational and financial teams, coalesced with the services of leading international law firms, insurance brokers and P&I Clubs, engage in minimising or, when imminent, mitigating the various risks pertinent to our business, at highly competitive terms.
We carefully identify, address and act to mitigate the risks related to the acquisition, construction, disposal, chartering and overall ownership and operation of our vessels.
We manage the cost-efficient procurement of Hull & Machinery, Protection & Indemnity, Contract Frustration, as well as Freight, Demurrage & Defence insurance covers from blue chip international insurance underwriters.
Our focus is on determining the appropriate mitigation strategy and the economically feasible level of coverage for each risk identified. We work with leading P&I Clubs and H&M underwriters on the terms of coverage. We also draw on legal, commercial and technical expertise from major international law firms and external experts.
We monitor the timely renewal or cancellation of insurance policies, according to each ship.
We handle all aspects of insurance & Claims, including receiving, handling, negotiating, arbitrating and settling any disputes and/or claims, while our in-house legal advisor is assisted by retained lawyers, solicitors, P&I Clubs, arbitrators, technical experts, insurance brokers and underwriters, depending on the complexity of the case.