Maritime Financial Products

Various financial exposures exist in the Maritime Industry, which are not directly related to its principal activity of navigating ships and carrying cargo. These exposures generally have much to do with the relationship between the Shipowner and his bank, charterer or other third parties, and arise when one or other party fails to fulfil its contractual obligations, or result from the actions of others, over which the Insured has no control.

JLT's Marine Division include a team which works exclusively in the area of Marine financial coverages. This team reviews the relationships between the various parties involved in the financing or employment of a vessel, identifies exposures which might exist, and proposes insurance protection to reduce or eliminate them. Although the policy that is finally placed may be based on one of the recognised sets of clausing mentioned above, such wordings are tailored to accurately reflect the relationship, contractual or otherwise, between the parties.

JLT offer a number of insurances that have been developed to cover the Insured either by indemnifying financial losses incurred or by settling liabilities for which the Insured has been found liable, as a result of a breach of contract. These coverages include:

Mortgagee Interest Insurance (MII)

Mortgagee Rights Insurance (MRI)

Contract Frustration Cover

Charterers Cancellation and/or Default Cover

Ship Mortgage Indemnity Cover

'Non-Honouring' of Contract Cover

Mortgage Additional Perils (MAP)

Our insurance market influence helps us develop broad policy coverage and obtain competitive insurance solutions, as well as provide bespoke policy coverage.

JLT Events

JLT host a range of events throughout the year. To find out more click below.

	17/08/2010	JLT Marine Division - Leading the way in Marine Insurance
	04/08/2010	Review of the Marine Hull Insurance market
	26/07/2010	Europe's leading independent insurance brokers announce a closer affiliation
	30/06/2010	IPT Bulletin - June 2010
	30/03/2010	New appointments strengthen JLT's Marine Division