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WHAT IS TRANSMARINE?
Transmarine is the brand name for a Marine Trade Disruption Insurance product.
WHAT IS MARINE TRADE DISRUPTION INSURANCE ?
Transmarine provides insurance cover to the owner or operator of a ship against loss of income suffered by their vessel when one of a number of named perils causes it to be delayed.
WHO IS BEHIND THE TRANSMARINE PRODUCT?
The insurance is underwritten by The MECO Group as agents, on behalf of security provided by Lloyd’s of London. Michael Else provide the underwriting, claims and accounting staff to service the insurance.
WHAT IS THE ROLE OF THE MECO GROUP?
The MECO Group owns and operates Transmarine. The MECO Group established Transmarine in 1974 and we have developed considerable expertise in handling claims and looking after the interests of ship operators. We enjoy a first class reputation for providing service to clients and we have a close working relationship with our worldwide network of correspondents, surveyors, lawyers and other professionals associated with our industry.
HOW DOES TRANSMARINE'S CLASS I STRIKES COVER DIFFER FROM OTHER PRODUCTS ?
Under Class I Transmarine provides shore strike cover (and in certain circumstances, crew cover) on a ‘fixed premium’ basis. Whilst this means that we are usually more expensive than our competitors (who usually insure on a mutual basis) our assureds know that the price that they have agreed will be the final price, with no supplementary calls.
HOW DOES TRANSMARINE'S CLASS II TRADE DISRUPTION INSURANCE (TDI) COVER DIFFER FROM BASIC LOSS OF HIRE INSURANCE?
At the heart of Class II is cover for net loss of earnings as a result of damage to Hull and Machinery. In this respect it is similar to conventional Loss of Hire insurance. However, Transmarine’s Class II insurance also provides recovery for loss of income due to delay caused by up to a further 21 perils, including fire and explosion on land, extraordinary weather and berth obstruction. Please find a direct link to the named perils for Class II: Class II Perils An assured can also recover additional costs associated with cargo storage and handling following an incident, including substitute charter hire. Subject to approval by underwriters an assured who may be exposed to specific contractual penalties could recover these costs following the occurrence of an insured peril.
WHAT IS TRANSMARINE'S CLASS III TRADE DISRUPTION INSURANCE
The cover provided under CLASS III is very similar to CLASS II, and is designed for owners, managers and charterers of cruise and passenger vessels.
WHAT ARE THE BENEFITS OF PURCHASING CLASS III TDI COVER OVER LOSS OF HIRE OR PASSAGE MONEY INSURANCE?
Class III insurance provided by Transmarine may include protection against up to 22 perils, from breakdown of machinery to port closure. Not only can the assured recover his net loss of earnings for cancelled cruises but he can also recover costs associated with the repatriation of passengers who have yet to board the vessel, a cost that may not be covered under P&I insurance. Passenger compensation liabilities covered under a fair trading charter could also be included in this insurance.
ARE THERE ANY TYPES OF VESSELS THAT TRANSMARINE WILL NOT INSURE?
Some types of vessel provide different risk profiles to others, and specialist vessels are not usually preferred. However, we are willing to consider any type of vessel, and would hope to provide a swift answer to the viability of any enquiry.
DOES THE ASSURED NEED A BROKER?
Transmarine can write business through an insurance broker, or we can deal direct with the assured. A broker with a sound understanding of both the market, and the client’s requirements, will often add value. However, we are comfortable dealing with the client direct if that is their preference. The decision as to whether or not an insurance broker is used is ultimately the choice of the client.
WHAT LIMITS ARE AVAILABLE?
Transmarine will usually offer a limit of up to US$5,000,000 per vessel for delays due damage to the vessel, although this may be increased in certain situations. This is based on a daily amount – usually the earning under charter – multiplied by a limit in days (usually 60, 90 or 180 days). The cover for non-hull and machinery perils will usually be for a lesser amount.
WHAT EXCESS IS AVAILABLE?
The usual excess point for delay due to hull and machinery perils is 14 days (although this may vary depending on vessel type and age). However, the excess point for delay due to other (non-hull and machinery) perils will usually be significantly lower than this.
WHAT POLICY DOCUMENTATION IS PROVIDED BY TRANSMARINE?
Transmarine issues a Certificate of Insurance, which gives details of the cover and is the basis of the contract between the client and the underwriters at Lloyd’s.
CAN I PAY IN INSTALMENTS?
If the premium is a significant amount, it can usually be paid in instalments.