Does anyone know if P & I Clubs usually cover off hire or fines risks and under which circumstances / terms? Is it a very expensive coverage and do owners choose to cover off hire periods and risks of various fines?
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Does anyone know if P & I Clubs usually cover off hire or fines risks and under which circumstances / terms? Is it a very expensive coverage and do owners choose to cover off hire periods and risks of various fines?
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The Strike Club is a mutual insurance Club specially formed to cover perils such as the above. Please refer to the below website for more information.
www.http://www.thestrikeclub.com/HTML/default.htm
Below is a typical insurance offer / quotation.
Assured
Nationality GreeceType of cover Strike and Delay - Full cover Type of account Annual entriesVessels 4 / as per attached listDaily Entered Sums Usd 20,000.-Trading Worldwide (see limitations / exclusions below)================================================== ==CLASS I&II Combined
Rule 8 and 9(a)(i) : Strike Cover7 days in excess of 1 day deductibleRule 8 and 9(a)(ii): Delay Cover7 days in excess of 1 day deductibleRate : 101.15% of daily entered sum per annum pro rata================================================== ==COVER EXCLUSIONSBangladeshCOVER LIMITATIONS:For India, Brazil, West African ports (Morocco to South Africa both inclusive)
a 2 day deductible to apply.================================================== ==CLASS IIIRule 10(a)(i) Crew strikeRule 10(a)(x) Machinery DamageExcludedOPTION 1Rule 10(a)(ii) Collision, Grounding, Stranding & Striking FFO's10 days in excess of 4 days deductibleRule 10(a)(iii to ix) Delay 7 days in excess of 1 day deductibleRate: 58.85% of daily entered sum per annum pro rata
The above cover offer will be comprehended once you have downloaded the Rule Book http://www.thestrikeclub.com/HTML/library_rule.htm
Hope the above helps
Thanks.
I am not going to go into calculations of course, but it gives us a general idea.
The club's homepage however doesn't open. Maybe they have changed their website address (???)
The correct address reads as follows:
http://www.thestrikeclub.com/HTML/default.htm
We are really talking about high speed in response here!!!
Thanks again.