MARINE DELAY INSURANCE

Marine Delay Insurance is a specialized mutual coverage established by the Association to address the risks associated with ship delays. The terms and conditions are designed with great flexibility to help members reasonably share operational losses and additional expenses arising from vessel delays.

Coverage

Onshore risks:
Financial impact of delays caused by onshore strikes, war, onshore fire, onshore explosion, mechanical breakdown, heavy weather, physical obstruction, cyber risk, political issues, etc.

Shipboard risks:
Financial impact of delays caused by onboard strikes, war, collision, grounding, contact with fixed or floating objects (FFO), heavy weather, illness/injury/death of crew, pollution, stowaways, piracy, off-spec bunkers, action of authorities, etc.

Membership Fee Principle

Membership fees are strictly implemented in accordance with the charging system approved by the Members’ Assembly. The fee is calculated as: Membership Fee = Expected Daily Hire Income × Risk Rate.