Introduction Charterers’ Liability

The marine adventure is subject to unforeseen risks. As a consequence Charterers are exposed to liabilities, which may reach or even exceed the value of the chartered vessel or the goods shipped. As shipping practice prevails a Charterer will not be able to charter a vessel on such terms that he can resist or exonerate all liabilities. Furthermore it comes as no surprise that we are living in a litigious environment. The Shipowner has insured his ship with a P&I insurer and a cargo owner has insured his goods with a cargo insurer. Both these insurers will seek recoveries on claims brought against their policies. The Charterer is inevitably a party in the contractual chain and can therefore be simply found. This is evidenced by our day-to-day practice in handling Charterers’ liability claims.

We welcome any type of Charterers’ business, no matter how big or small. We can insure a chartered vessel of any type, cargo carrying or non-cargo carrying, any type of commodity, any trading area worldwide at fixed premiums. We have no restrictions to size, age, type or territory. For clients who ship their own cargoes, we can extend the cover to include Cargo Owners Legal Liability.

Why should I choose RaetsMarine Charterers’ Liability Insurance?

We tailor all our insurance to meet your precise requirements, so you can be confident of sound cover – whatever your circumstances. When you deal with RaetsMarine, you are dealing with a company that is:

  • Experienced – We have more than 20 years experience of insuring charterers of all types, and currently serve over 1,000 charterers, including traders, operators, NVOCC's and others chartering vessels
  • Expert – Our underwriters and claims teams are skilled in the fields of marine liabilities, and keep up to date with the latest developments through our in-house learning centre, RaetsAcademy, and our extensive knowledge database
  • Open-minded – We accept any type or size of charterer, cover both time and voyage charters, and place no restrictions on the age of the vessel, the bills of lading issued, the kinds of cargo, or the trading area involved
  • Secure – We provide transparent financial security, with limits up to USD 500m
  • Comprehensive – We provide cover for a wide range of situations (including ‘back-to-back’ agreements and sub-charters involving several parties), and offer additional insurance to cover specific risks
  • Cost-effective – We work with fixed premiums, and take a flexible approach to policy limits – where possible, negotiating lower limits to save you money
  • Service-oriented – We work with you to minimise your risks, our Support Desk is always ready to advise you and find solutions to your problems, while our claims handlers work with you to settle claims quickly – and as favourably for you as possible. We will also help you draft and check Charter Parties and Bills of Lading, if required

Most important of all, we make sure you are properly covered for the risks you face. Accordingly, to cover specific additional risks, we can extend your Charterers’ Liability cover with any of the following:

  • Marine Defence Insurance (Freight, Demurrage and Defence)
  • Cargo Owners’ Legal Liability Insurance
  • Bunker Insurance
  • Kidnap and Ransom Insurance
  • Charterers’ Piracy Trade Disruption Insurance
  • Freight Insurance
  • Shipowners’ Liability (SOL) Insurance
  • War Risk Insurance