With Loss of Hire insurance, you are covered if your vessel can no longer generate income due to damage. Loss of Hire coverage supports a shipowner’s loss of income when their vessel is subjected to physical damage. The coverage includes, for example, protection against grounding, disposal of damaged cargo and physical hindrance to the ship when a vessel cannot leave port. However, bear in mind that Loss of Hire protection does not cover you in all scenarios. For instance, in case of a total loss, Loss of Hire coverage will not apply. Therefore, it is essential to let our experts inform you of the circumstances under which Loss of Hire insurance will cover you. Our experts can also share recommendations regarding how to supplement your risk coverage to ensure that you are fully protected.
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