Loss of Hire Insurance
protects the shipowner from a daily loss of income arising from physical damage to the vessel.
The loss can be the result of damage to the vessel, recoverable from the underlying hull and machinery cover.
The extent of the insurance and the premium are the result of the daily indemnity during a certain period per casualty and per policy year.
The Swedish Club’s Loss of Hire insurance is mostly offered on the Loss of Hire conditions, contained in chapter 16 of the Nordic Marine Insurance Plan, but we can also tailor our Loss of Hire insurance to fit our member’s Hull & Machinery cover.
Who can be covered?
Limits: Loss of Hire Insurance USD 40 million
Deductibles: To be agreed