Claims and Insurance
The operation of any dry bulk vessel includes risks such as mechanical failure, collision, property loss, cargo loss or damage, business interruption due to political circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and related liabilities, arising from owning and operating vessels in international trade. The Claims and Insurance Department is responsible for maintaining hull and machinery insurance, war risks insurance, protection and indemnity cover, increased value insurance and freight, demurrage and defense cover for the fleet in amounts that we believe to be prudent to cover normal risks in our operations. The Claims and Insurance Department strives to obtain the very best possible security at the most advantageous terms. Such security includes cover within the world's leading insurance markets, utilizing the services of leading risk consultants and insurance brokers where necessary. Whilst continually striving to prevent incidents, any claims are negotiated and handled in an efficient and timely manner.