Insurance / Corporate / Maritime
Charterers Liability Insurance
In the maritime sector, charterers face significant risks arising from charter contracts. A claim for damage to the vessel, cargo, or third parties may generate multimillion-dollar losses and affect operational continuity.
Charterers Liability insurance provides comprehensive protection against these risks, offering legal and financial security in an increasingly demanding international trade environment and under national regulation.
What is Charterers Liability Insurance?
Charterers Liability Insurance covers the legal liability of the charterer toward the shipowner, cargo owners, authorities, and third parties during the term of the charter contract, whether voyage charter, time charter, or bareboat charter.
Main Coverages Included
- Damage to the chartered vessel: repairs, loss of use, or shipowner claims.
- Damage to cargo: loss, damage, or contamination of transported goods.
- Environmental pollution: liability for hydrocarbon spills or other hazardous substances.
- Third-party damage: individuals, port facilities, docks, and equipment.
- Legal and defense costs: support in litigation, arbitration, and international claims.
- General average contribution: participation of the charterer in shared salvage costs.
