This policy is a physical damage policy designed to cover physical loss or damage from a marine peril and will include recovery actions, and other events associated with a physical loss at sea. The policy is adapted to the requirements of the shipowner, whether “All Risks” or “Limited Conditions” or “Total Loss Only” cover.

In recent years this market has been very volatile producing fluctuating premium levels. The current state of market is that many Underwriters have stopped writing altogether or they have reduced their participation in the class. 

Generally, it is the smaller owner who is first to suffer while the Underwriters fight competitively for the big fleet vessels even where some accounts show adverse claims statistics. However, LMIS Global (Europe) B.V. has access to exclusive markets to offer competitive rates, specifically targeting the smaller fleets and vessels.