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Marine Delay

 

What is Strike and Delay?

Strike and Delay cover protects your revenue stream from the costs of vessel delay beyond your control.

What risks can I protect myself from?

30 different risk triggers onshore and onboard, now including cyber risks. Click here to download our bulletin.

Industrial action onshore, force majeure events, navigational errors or hull and machinery incidents all result in a loss of time and impact your revenue.

Who buys the cover?

Owners, operators, charterers, traders; anyone with an interest in a vessel looking to protect their business from the financial consequences of delay.

How does it work?

We offer to indemnify you for the incurred cost of delays following a covered event. We pay a Daily Entered Sum (DES) excess of a deductible expressed in days.

How do you calculate the DES?

The DES is made up of either the daily revenue of the vessel or its operating costs, depending on your interest in the vessel.

How is premium calculated?

Premium is calculated by the underwriter, based on factors such as:

• Risks being covered

• Fleet trade and profile

• Spread of risk

and is expressed as a percentage of the DES.

How do I get a quote?

Contact a member of the Strike and Delay team, details available on the right.

Cover examples

Onboard

Actual or alleged Pollution

Ø  Oil spill following collision.

Ø  Claims on bulkers and containers tend to arise from slopping or de-slopping during bunkering operations, or from overspills when moving residues from one tank to another. Typical delays between 3 and 7 days.

Ø  Claims up 20 days (1 day deductible)

 

Quarantine

Ø  During the Ebola epidemic from 2013 to 2015 some members' vessels entering ports in affected countries, or arriving in other ports from these countries, were quarantined for periods of up to 10 days.

Ø  Claims = 9 days (1 day deductible)      

Onshore

Fire and explosion

Ø  Tianjin explosion in 2015. It was the 10th busiest port in the world and gateway for iron ore, coal and oil into China.

Ø  Many vessels were delayed outside awaiting entry to other parts of the port.

Ø  Claims = up to 20 days (1 day deductible)

 

Onshore weather conditions

Ø  Floods affected production of coal and iron ore at mines in Australia and India causing delays to vessels waiting to load at the ports.

Ø  Both ice and flooding has affected rail links between mines and ports in Ukraine and Australia causing similar delays.

Ø  Claims = up to 20 days (1 day deductible)

 

Mechanical breakdowns onshore

Ø  Bulk carriers are regularly delayed by the breakdown of onshore loading machinery and equipment, including conveyor belts and hoppers.

Ø  Includes intermittent delays that together exceed deductible.

Ø  Claims = up to 20 days (with 1 day deductible)

 

Embargo

Ø  Vessel loads cargo in Qatar for discharge in neighbouring country. During voyage, embargo imposed on Qatar and vessel unable to discharge . Vessel delayed awaiting the lifting of embargo or finding alternative discharge port.

Ø  Claims = up to 20 days (1 day deductible)