Marine Delay Insurance

The Association launched a new class of mutual cover of Marine Delay insurance in 2022 to widen the diversity of insurance solution provided to its membership as part of one-stop-shopping service which is driven by market demand under new trend of shipping market development.

Our product

Marine Delay Insurance (MDI) protects members’ loss of income arising from ship delays caused under insured risks. The coverage of MDI is consisted of onshore risks and shipboard risks, covering most of income losses from unexpected risks that may be encountered during ship managing and operating. To serve that purpose, MDI cover is designed with great flexibility and widens of the cover on tailor made basis – Members might select relevant covers of risks under either Shipboard or Onshore (or both) to meet their risk management demands. MDI cover provides complementary effects in addition to Members’ P&I and H&M covers to enjoy protection on their balance sheet to avoid uncertainty in budget of income and their cash flow. However, the cover can be purchased on stand-alone basis despite of the fact whether the Member has ships entered into the Association for P&I or H&M cover.

Coverage of Marine Delay Insurance

Onshore risks: financial impact of delays caused by onshore strike, war, onshore fire, onshore explosion, mechanical breakdown, heavy weather, physical obstruction, cyber risk, political issues, etc.

Shipboard risks: financial impact of delays caused by onboard strike, war, collision, grounding, contact FFO, heavy weather, illness/injury/death of crews, pollution, stowaways, piracy, off-spec bunkers, action of authorities, etc.