Port Risk Policy
Port risk insurance is coverage for ships in port for a lengthy stay and/or those that are under repair. It is a marine insurance covering a ship while in port. It coverage’s for ships in port for a lengthy stay and/or those that are under repair. It insures on an all risks basis that includes the exposures associated with the ship moving from one dock to another.
It is a type of coverage afforded a vessel that is laid up for an extended time period, normally in excess of 30 days. Coverage is provided for both physical damage and protection and indemnity. As well as providing cover for the hull and machinery of the vessel they also give essential safety and life insurance coverage up to an agreed limit of liability, excluding crew and cargo liabilities unless expressly agreed in advance by underwriters.