Essential protection for modern shipping companies
Loss of hire insurance
Loss of hire insurance is a type of income protection insurance commonly used in the marine industry. In the event of an accident or any other damage to a ship, it is this insurance that can mitigate the financial risk for the shipowner or shipping company. Those who are insured against loss of hire have done a lot to ensure that, in the event of damage, they have insurance that provides precise cover for consequential loss of income.
As a highly specialised underwriting agency in Germany, HKVA - Hanseatische Kasko Versicherungsagentur - is an experienced partner for reliable loss of hire insurance. In cooperation with established insurance companies and competent brokers, we offer tailor-made loss of hire insurance for companies in the commercial shipping sector, providing an optimised cover for all eventualities. The key points about loss of hire insurance are summarised in this overview. Do you have any questions? We are here to help.
What is covered by loss of hire insurance?
Even a minor accident or engine failure can have unpleasant consequences for the company concerned – the planned voyage cannot start on time or has to be stopped in the middle of the sea. In concrete terms, this means that the client's contract cannot be fulfilled as planned. This leads to a loss of earnings and customer dissatisfaction, which may result in the latter choosing a different business partner. If the ship is out of service for weeks or even months, shipping companies or ship owners suffer considerable damage. This is because lost charter income is not usually covered by traditional marine Hull insurance. Loss-of-hire insurance provides cover in precisely such cases.
Who benefits from loss of hire insurance?
Anyone who earns their living from commercial shipping and wants to insure themselves against the risk of losses in the event of a damage can benefit from this marine insurance. It makes no difference whether you are a ship owner with a single vessel or a shipping company with an extensive fleet. Those who have taken out loss of hire insurance have a clear advantage.
What is the advantage of choosing loss of hire insurance from HKVA?
When it comes to loss of hire insurance, HKVA is your recommended partner. We aim to provide tailor-made insurance concepts that meet high standards and offer all-round protection. We design this coverage with expertise and commitment: Carefully checking your requirements and setting the right daily insured sum. This is possible because we operate as an independent underwriting agency and have access to numerous offers from around 30 credit-rated insurance companies. With products such as loss of hire, we cover the economic risk up to the agreed liability. As a renowned underwriting agency in Germany, we can efficiently prevent your business from going off course in the event of an accident. With loss of hire insurance, policyholders benefit from security that gives them peace of mind.
Our loss of hire insurance service
Our expertise and service set HKVA - Hanseatische Kasko Versicherungsagentur - apart. We design insurance solutions that provide solid financial protection for maritime transport. To minimise your risks, we work with leading insurance companies, from whose offerings we can select the best possible solutios. This enables us to offer ideal insurance coverage.
Contact us to take advantage of our non-binding consultation on loss of hire insurance.