We work with global markets and specialist insurers to offer sound solutions that meet the changing needs of operating a business in a marine environment.

  • Marine Covers
  • Offshore Liability Covers
Cargo Insurance
Latitude Brokers | Cargo Insurance

Cargo insurance operates in a truly global market place, with substantial security in Asia, the Middle East, London, Europe and the US.

The complexity, type of risk, limits required and local servicing requirements are all factors in determining which market, or more often than not, which combination of markets will provide the most competitive terms for any particular risk.

With the acceptance of the ‘new’ Institute Clauses by insurers over the last few years, Assureds are benefiting from wider standard cover than was previously available, but which is also more focused on the exposures encountered today.

The London market continues to compete aggressively with local insurers within Asia for business, allowing Assureds to benefit from wider competition in a class that remains central to the marine insurance market.

In addition, project cargo and stock throughput insurances remain of significant interest to the markets in Asia, Europe and London which can include additional covers such as advanced loss of profit or delay in start-up to compliment the exposures insured.

Commodity Trader's Specialist Covers
Latitude Brokers | Commodity Traders Specialist Covers

There is a fast-growing suite of specialist covers that are designed specifically for the commodity trading industry that combine a number of existing insurances in to one single product. This offers the benefits of premium discounts through consolidation, ease of administration and a single point of contact for claims handling across a number of complimentary insurances.

The insurance covers are much more sophisticated (although not more complicated) and have been designed with the more complex trading operations in mind, thereby providing flexibility, breadth of cover and ease of use in one policy.

There are many different ways to benefit from these covers, whether by moving an entire programme across, to a more graduated approach as each existing insurance is due for renewal. This is a constantly evolving product that all commodity traders should be aware of. Contact us to discuss these policies in more detail.

Marine Liabilities

Latitude Brokers | Marine Liabilities

Marine liabilities includes everything from freight forwarders’ legal liability insurance to port and terminal operators’ liability insurances with a myriad other covers in between.

The Asian marine insurance market has been lacking in liability capacity in recent years, unusually among the other classes so well served here. However, a number of important new markets have opened in Singapore and Hong Kong, who are keen to provide local expertise and support to Asian risks.

This provides a good opportunity for Assureds to benefit from both a local insurer presence and, more importantly, their insurer having a clear understanding of the legislative environment surrounding each risk and rating premium accordingly. Whilst the excess covers or high limits will often require a London involvement, we believe that the Asian markets provide a good proposition for ensuring the premium is at its most competitive.

Other marine liability classes include Shipowners’ Legal Liability, Ship Repairers’ Legal Liability, Ship Agents’ E&O Liability, Crew Liability Insurance, Crewing Agents’ Liability, S&P/Chartering Brokers Professional Indemnity, Stevedores Liability.

Marine Hull Insurance
Latitude Brokers | Marine Hull

Marine hull insurance is, along with P&I, the core of an operator’s marine policies. The hull insurance market is global, although with many mainstream insurers seeking a presence geographically close to their Assureds. As such, the market available in Asia has boomed in recent years, with the majority of new entrants being in Singapore.

The Middle East, Korea, Japan and China’s focus on international tonnage mean that Asia as a whole provides a significant concentration of capacity, particularly for companies operating within Asia.

Whilst London remains the global centre for marine hull insurance, but with a greater spread of capacity coming from Europe and Scandinavia, the options available to assureds remain considerable.

War insurance remains a predominantly London-underwritten risk with some specialist war facilities and mutuals operating in their own markets around the world. Although the War Breach costs for Indian Ocean transits have now fallen substantially since the height of the piracy attacks, War premium can still be a substantial element of an operator’s costs if the correct structure and program is not put in place.

Owner's Protection & Indemnity (P&I), Freight Demurrage and Defence (FD&D) and Time-Charterer's Liability (TCL)
Latitude Brokers | Protection & Indemnity Insurance

It is critical to protect yourself against third party legal liabilities which in some circumstances can far surpass the value of the ship.

The International Group of P&I Clubs remains the strongest single market place for ocean-going tonnage, specialist operators and those requiring very high limits of cover. The mutual P&I Clubs have shipowner members on their Boards and are constantly improving their product to take account of the new challenges that owners meet.

The fixed premium insurance market is burgeoning, with both long-term insurers as well as more new entrants seeking to compete. Whilst the product remains broadly similar to the IG cover, there are important differences that should be taken into account when considering which insurers to work with.

Latitude will ensure that you have the right P&I product, from the right P&I provider, at the right price.

Legal costs insurance (often know as Freight, Demurrage and Defence, or FDD) can be provided either independently of the P&I insurance or as part of a package with the liability. This cover provides for legal costs and expenses which arise in the event of disputes under contracts including, but not limited to, charter parties, bills of lading, operational contracts and also new-building and shipyard-related disputes.

Latitude also provides both P&I and FDD covers to our clients in their capacity as time charterers, voyage charterers or under-TCT contracts or Contracts of Affreightment. This would also include cover for damage-to-hull (DTH) as well as responding to your liabilities as issuer of bills of lading, using multi-modal bills, as owners of the bunkers and so on. If you are an existing IG Club member who is considering using another IG club or changing to a fixed premium facility or if you are a new company looking to select a P&I provider which will suit your business needs and service requirements, please do not hesitate to contact us.

Ancillary Insurances
Latitdue Brokers | Ancillary Insurances

These policies are less frequently purchased than the more mainstream covers and include Kidnap & Ransom, Loss of Anticipated Freight (for Charterers or Owners), Loss of Hire, Bunker Insurance, Trade Credit Insurance, Container Insurance (for lessors or lessees), Marine Rejection Insurance, Strikes and Delay Insurance etc.

The majority of these classes are written by specialist insurers who are based in only a few locations around the world. They can be complex risks with underwriter specific wordings, rather than market standard wordings, being offered, so a very technical approach is often required to ensure the correct cover is in place.

We have access to these markets and would be pleased to provide advice on the options available.

Drilling and Production
Latitude Brokers | Offshore Drilling & Production

For offshore units such as drilling rigs, drillships, FPSOs and accommodation units which are positioned on site and deemed integral, it is not possible to take advantage of the International Group limits in terms of liability cover. Therefore, contractors operating such units require fixed premium liability cover. We can help you with this.

Many oil companies also look to push their “below deductible” liabilities onto their drilling and production contractors. As such, contractors often have significant exposure to liabilities for well control and sub-sea pollution – risks which are often beyond the contractor’s control. We will identify such risks in the contractual framework and ensure that you have the necessary cover in place either under an offshore extension cover from your P&I provider or from the commercial market.

Specialist Operations
Latitude Brokers | Insurance for Offshore Contractors

Many operations performed by contractors in the offshore sector fall outside the scope of liability cover provided under the International Group Pooling Agreement. Such specialist operations, which include but are not limited to dredging, well stimulation, construction, installation, cable/pipe laying and oil spill response, therefore require a cover extension. Looking forensically at the scope of works set down in our clients’ offshore contracts, Latitude Brokers will ensure, as far as possible, that no gaps in cover exist which arise out of a specialist operation.

Salvor's Extensions

Professional marine salvors operating from their own ships or in charge of a salvage operation but using someone else’s ships can encounter a range of liabilities. Such liabilities, for example pollution that emanates from a source other than the entered ship, can fall outside of the standard P&I cover and need to be purchased separately or under a wider offshore cover package. Latitude will make sure you have all angles covered.

Contractual Liability Cover
Latitude Brokers | Contractual Liability Covers

Where a client is assuming liabilities under contract that are more onerous than the liabilities they would assume “at law”, such liabilities may fall outside the scope of standard P&I cover. Contractual assumptions of liability over and above the “at law” position are commonplace in offshore contracts, towage and port indemnities. The first challenge is identifying such contractual exposures. Latitude is constantly on hand for our clients when assessing contracts which appear out of the ordinary, and we will work in close association with the chosen liability insurers to ensure that any contractual exposures are identified and adequate cover is provided.

➢    Contact us for a quote

➢    Learn more about who we help and our reinsurance services