Protection and Indemnity Insurance
Protection and Indemnity Insurance protects owners or operators against the following maritime liability risks that associate with operation of vessels:
- Cargo Liability;
- Personal Effects;
- Collision Liability;
- Damage to Property Other Than Vessels;
- Towage Liability;
- Wreck Removal;
- Pollution Liability;
- Illness and Disease;
- Accidental Death or Injury;
- Medical and Funeral Expenses;
- Crew Substitution;
- Liability for Repatriation;
- Salvage Expenses;
- General Average;
- Fines and Penalties;
- Quarantine Expenses;
- Other perils as per "Mega Insurance" OJSC’s Protection and Indemnity Insurance rules.
Hull and Machinery Insurance
Hull and Machinery Insurance covers partial and/ or total loss of a vessel arising out of the perils insured against.
Hull and Machinery Insurance mainly covers the following risks:
- Perils of the seas, rivers, lakes or other navigable waters;
- Fire and explosion;
- Violent theft by persons from outside the Vessel;
- Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation;
- Earthquake, volcanic eruption or lightning;
- Accidents in loading, discharging or shifting cargo or fuel;
- Negligence of Master, Officers, Crew or Pilots;
- Bursting of boilers breakage of shafts or any latent defect in the machinery or hull;
- Other perils as per Mega Insurance OJSC’s Hull and Machinery Insurance Rules that is based on broadly used Institute Time Clauses – Hull.
Hull and Machinery Insurance covers the risks within the agreed Sum Insured.
The following coverage is provided in addition to the Sum Insured:
- Pollution risks;
- General average and salvage.