LIG Marine Managers has released a new Loss of Hire Program designed to pay for continuing expenses and loss of profits to vessel owner clients while their vessels are unable to work after a claim.
Similar to Business Interruption or Loss of Income in the property market, Loss of Hire provides the means for clients to pay their loans, insurance premiums, key clerical staff, the captain and essential crew, and numerous other expenses.
When a vessel is damaged and it takes weeks or months to repair, the owner has zero income to cover these expenses (let alone the money they were planning on as profit). Add to that the expense of chartering a replacement vessel to fulfill a contract to which the owner has committed.
Loss of Hire is the marine term for the coverage to protect clients from this catastrophic event and yet few owners are ever offered the coverage.
Vessels eligible for the LIG program include: Tugs, Barges, Passenger Vessels, Harbor Craft and other Commercial Vessels.
Minimum premium is $ 10,000.
For agency appointments contact Karen Tischler at (727) 578-2800 ext 321.
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