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Port Authorities Liability Insurance

Comprehensive Insurance for Port Authorities

Comprehensive Insurance for Port Authorities

In the complex arena of maritime operations, port authorities face a multitude of legal liabilities. From damages to vessels and cargoes to the risks associated with third-party injuries, the scope of potential liabilities is vast and varied.

Liability Coverage Scope

The insurance covers liabilities including damage to ships or customer property, cargo damage (misdirection, wrongful delivery, delay), third-party property damage, death or injury to third parties, and wreck removal, occurring during the insured port authority's operations.

Exclusions in Coverage

Excluded liabilities encompass worker’s compensation, punitive and exemplary damages, penalty clause payments, professional advice or surveys, employee dishonesty, pollution (unless specifically agreed), asbestos, and risks related to war and strikes.

Customizable Additional Covers

Coverages for additional activities by port authorities, like passenger terminals, bunkering, fuelling services, pilotage, and ship agency, can be negotiated on a case-by-case basis, ensuring tailored protection for diverse operational needs.

Premium Calculation Method

Premiums are calculated based on annual gross charges and/or cargo tonnage handled, reflecting the authority’s diverse activities and operational exposures. A minimum and deposit premium is set and adjusted based on actual gross charges or tonnage after the policy period.

Claims Settlement Process

The policy includes a deductible, and claims are promptly indemnified by experienced staff for legal liabilities and costs insured by the policy, up to the agreed limit, ensuring efficient and effective claim handling.

Policy Details and Importance

This overview is a summary of the coverage; the full policy contains detailed limitations, exclusions, and conditions. It's crucial for port authorities to review the full policy for a comprehensive understanding of their coverage and responsibilities.

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