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Marine trade disruption and loss of earnings insurance for the 21st century
About
Transmarine was founded in 1974 and today provides owners and operators with a comprehensive insurance in respect of maritime delay. Our clients operate internationally and our portfolio ranges from offshore support and container vessels to tankers and cruise vessels.
Over the years we have worked closely with our clients and insurance brokers to develop a comprehensive cover to suit their needs and we continue to innovate to ensure that we provide the broadest cover possible.
The underwriting team has many years of experience tailoring solutions for ship operators, protecting them against maritime trade disruption. Our underwriting capabilities are backed-up by an experienced claims team that is focused on the prompt adjustment and settlement of claims, to help preserve our clients’ cashflow.
- Trade Disruption Insurance for vessels of all sizes, from inland cruise vessels to Panamax tankers.
- Founded in 1974 it is now a trusted and established provider of trade disruption and loss of earnings insurance.
- Cover that is wider than standard loss of hire insurance, compensating operators for loss of income arising from more than 20 insured perils.
AA-
A+
Security
Great Lakes Insurance SE
The underlying security in respect of policies issued by Aurora P&I is Great Lakes Insurance SE, a wholly owned subsidiary of Munich Re. Founded in 1880 Munich Re is now the world’s largest reinsurer employing more than 40,000 people across more than 50 countries.
GLISE enjoys the same security ratings, which are AA- by Standard & Poor’s and A+ by AM Best respectively.
Munuich Re
Over 140 years’ experience in risk management
Over 40,000 employees worldwide
Euro 67 billion in gross premium income in 2022
Produced a Euro 3.5 billion operating result in 2022
Market capitalisation of Euro 42.6 billion in 2022
Cover
Cover
Transmarine’s TDI is different from standard market loss of earnings covers because it indemnifies an assured for a wider range of insured perils.
Hull and Machinery cover
The hull perils covered under our Terms and Conditions are based on the London market ITC form. Where required, and on request, we can amend the Transmarine policy so that the trigger for a potential claim is based on damage to the ship that would result in a potential claim under other internationally recognised hull forms, for example, ADS DTV, Nordic Plan and AIHC.
Indemnity
The period of indemnity can be amended to suit the assured’s requirement, typically from 60 to 180 days.
We can offer cover with a limit of up to US$7.5 million per vessel per occurrence for delay due to damage suffered by the insured vessel.
Capacity and Placing
Due to its underwriting capacity, Transmarine can usually write 100% of a fleet, providing the full range of cover in one policy. We can also write supporting lines on broker slips on a traditional Loss of Hire placing, either as the lead or following underwriter.
Excess
The usual excess for delay due to hull and machinery perils is 14 days (although this may vary depending on the vessel type and age).
The excess for delay due to other (non-hull and machinery) perils is usually 4 days.
Products
Our Covers
— Architecture services
Since the 1980s, as the complexity of buildings began to increase, the field of architecture became multi-disciplinary with specializations.
- Urban Codes
- Interior Design
- City Planning
- Residential
- Construction
- Landspaces
- Innovative Design
- Facility Optimization
- Consulting