Covers are segmented into classes:
- Class I – was created to protect ship owners against financial losses because of delays caused by shore labor disruption
- Class II – was introduced to include delays caused by congestion after the end of a strike - One example is the disruption of loading or discharging operations because of destroyed port facilities due to heavy weather such as Katrina or deviations to other ports and consequent transshipment costs.
- Class III – was introduced for delays due to crew strikes
- Cover later extended further for delays caused by collision, grounding, stranding, striking FFO’s as well as fire, explosion and breakdown of machinery.
- An example is the deviations to other ports due to breakdown of several piston rings in machinery or deviations for repair due to collision with another vessels or time lost during repairs following a physical damage to ship.
Affinity applications in insurance not only enhance customer service but also offer several advantages to companies:
In conclusion, affinity applications in insurance are a means of providing better service to customers and attracting new ones for businesses. These programs reflect industry advancements by focusing on specially designed insurance products and customer needs.
Speak to a member of your team.
