This insurance is for ocean-going vessels owned by Members. The entered ship shall maintain the following conditions:

Amount Insured

Amount Insured is not specified. The current maximum amount payable for a claim involving an entered ship is the “overspill limit” of about USD9.8 billion.
In respect of oil pollution claims, the Amount is limited to USD1 billion each ship per any one occurrence. The passengers and seafarers claims is subject to a limit of USD2 billion for liability for passengers, or of USD3 billion for liability for passengers and seafarers claims combined.
Please see here for further information.

Insurance Period

From 21:00 JST (noon UTC) on 20 February to 21:00 JST (noon UTC) on the next following 20 February. (If new contract start during Policy Year, the contract is from the immediate time and date when the insurance contract becomes effective to 21:00 JST (noon UTC) on the next following 20 February.)

Risks Covered

Below are the primary coverage conditions for ocean-going vessels.
These codes are used in documents such as the ‘Confirmation of Mutual Premium’, which you review at the time of policy renewal.
If you have inquiries regarding coverage conditions for codes not listed below, please contact our underwriters.

LPIC

Cover is afforded in accordance with Chapter II of our Rules including but not limited to Wreck Removal under Rule 24(3) and Pollution under Rule 25.
Provided, however, always that the following liabilities shall be excluded.
Liabilities in respect of Passengers under Rule 20
Liabilities arising out of Collision with Other Ships (Running Down Clause (RDC)) under Rule 23.1 (1)

LPICR

Cover is afforded in accordance with Chapter II of our Rules including but not limited to 1/4th collision liability under Rule 23.1 (1), Wreck Removal under Rule 24(3) and Pollution under Rule 25.
Provided, however, always that the following liabilities shall be excluded.
Liabilities in respect of Passengers under Rule 20

LPICR4

Cover is afforded in accordance with Chapter II of our Rules including but not limited to 4/4ths collision liability under Rule 23.1 (1), Wreck Removal under Rule 24(3) and Pollution under Rule 25.
Provided, however, always that the following liabilities shall be excluded.
Liabilities in respect of Passengers under Rule 20

LPICF

Cover is afforded in accordance with Chapter II of our Rules including but not limited to Wreck Removal under Rule 24(3) and Pollution under Rule 25.
Provided, however, always that the following liabilities shall be excluded.
Liabilities in respect of Passengers under Rule 20
Liabilities arising out of Collision with Other Ships (Running Down Clause (RDC)) under Rule 23.1 (1)
Notwithstanding the above, the liability of the Association for Claims under Rule 24(1) shall be excluded insofar as covered under China Hull Insurance Clause 1.1.1986 and any amendments thereto.

LPC

Cover is afforded in accordance with Chapter II of our Rules including but not limited to Wreck Removal under Rule 24(3) and Pollution under Rule 25.
Provided, however, always that the following liabilities shall be excluded.
Liabilities in respect of Passengers under Rule 20
Liabilities arising out of Collision with Other Ships (Running Down Clause (RDC)) under Rule 23.1 (1)
Liabilities in respect of Cargo under Rule 29
Liabilities in respect of Unrecoverable Cargo’s Proportion of General Average under Rule 30 (1) and Ship’s Proportion of General Average under Rule 30 (2)
Liabilities in respect of Fines under Rule 31.1 (1)

Calls and Premiums

The premium scheme until the 2022 policy year was Advance Call and Supplementary Call. The Association changed it to the Mutual Premium system from the 2023 policy year. In either system, the Association may decide to levy Unbudgeted Supplementary Call or Additional Call upon all vessels entered during that Policy Year.

If Members pay a Release Call for the cancelled or ceased contract, they will be released from due of further Additional Call.

Special Cover

The following Special Covers are provided. Please contact us for further information.

ISpecial Cover for Charterers

P&I insurance for charters, which covers liabilities to third parties and expenses arising under laws and charterparties.

IIISpecial Cover For Liability of Salvage Ships arising out of Salvage Operations

This insurance covers liabilities and expenses arising out of and in the course of salvage operations conducted by the entered ship.

IVSpecial Cover for Salvor’s Liability in respect of Oil Pollution

This insurance covers liabilities and expenses for damage by oil pollution arising out of and in the course of salvage operations conducted by the Member.

VSpecial cover for Freight, Demurrage and Defence (FD&D)

This insurance covers the costs and incidental expenses incurred in defending any claim for freight, demurrage, off-spec bunkers etc. However, the loss itself which the Member suffered is not covered.

VISpecial Cover for Carrier’s Liability to Cargo (SOL)

This insurance covers third party liabilities which the Member may incur under a bill of lading, which are otherwise excluded under Rule 29 (Cargo Liabilities) of the Rules.