Port Package Policy
What is Port Package Policy ?
Port Package insurance is designed to take care of the interest of the Port Authorities and Terminal Operators. It covers the physical damage to the property and handling equipments, business interruption, wreck removal, third party liability and the vessels owned by the Port.
Key features:
Here's a more detailed breakdown of the key features:
- Property Damage
- Liability Coverage
- Additional Coverage
- Specific Features for Ports
What is port risk coverage?
How to claim?
Claim
- Immediate notice to policy issuing office.
- Giving brief details place of occurrence, date & time of casualty and circumstances leading to incident.
- Seek appointment of surveyor to inspect and assess loss.
- All steps to minimize loss as prudent uninsured.
- Preserve the subrogation/ recovery rights of the Insurers.
- Submit all the required documents to the Surveyors / Insurers.
What is port blockage insurance?
The insurance responds if the vessel or vessels are physically blocked or trapped in ports, rivers, waterways, channels or similar due to congestion, accidents or external physical damage caused by civil risks, war risks, nature cats and force majeure events.
Inclusion
- Property Damage:
This section covers physical loss or damage to the port’s owned or leased assets, including buildings, equipment, and infrastructure, from various perils like fire, storms, and other natural disasters.
- Business Interruption:
This covers financial losses resulting from the interruption of port operations due to covered property damage, including potential losses due to port blockage or disruption of essential services like electricity.
- Liability:
This section covers the port’s legal liabilities arising from its operations, including third-party liabilities, pollution, and costs associated with wreck removal.
- Cargo Handling Equipment:
Coverage for loss or damage to equipment used for cargo handling, such as cranes and forklifts.
- Floating Objects:
Damage to vessels and other floating objects within the port area, including risks associated with dredging operations.
- Legal Costs:Coverage for legal costs incurred in defending claims arising from insured events, subject to policy conditions.
Key Considerations:
- Policy Wording:It’s crucial to carefully review the specific policy wording to understand the exact scope of coverage and exclusions.
- Add-on Covers:Some exclusions can be addressed by purchasing additional coverage, known as add-on covers.
- Risk Management:Proper risk management practices, such as implementing robust security measures and emergency response plans, can help mitigate the impact of excluded risks.
- Consultation:Consulting with an insurance broker or specialist can help tailor the Port Package Policy to the specific needs and risk profile of the port.
