SeaPay® Insurance provides tailored Hull and Machinery (H&M) and Protection & Indemnity (P&I) insurance packages for the maritime industry, covering a wide range of vessels and maritime operations. Here’s a concise description of these offerings:

Hull and Machinery (H&M) Insurance:

– Coverage: H&M insurance by SeaPay® covers physical loss or damage to the hull, machinery, and equipment of the vessel. This includes protection against perils like collisions, storms, sinking, fire, and other accidents.

– Vessel Types: The insurance is applicable to various types of vessels, including service vessels, semi-submersibles, tug and barge fleets, research vessels, charter boats, work boats, crane and deck barges, jack-ups, pleasure craft, crew boats, and dredge vessels.

– Customization: SeaPay® can tailor coverage to fit the specific needs of individual insureds, ensuring that the policy matches the unique risks associated with each vessel.

Protection & Indemnity (P&I) Insurance:

– Liability Coverage: P&I insurance provides coverage for third-party liabilities that may arise from the operation of the ship, such as bodily injury or property damage.

– Policy Inclusions: Typical P&I policies cover loss of life, injury and sickness of crew, passengers, and third parties, damage to cargo on board, damage to docks and other fixed floating objects, wreck removal costs, and collision liability.

– Additional Coverages: P&I policies can also include additional coverages such as Mortgagee’s Interest, War Risks, and Cargo Legal Liability, with options to add Jones Act crew coverage as needed.

Combined H&M and P&I Insurance:

– Comprehensive Package: When combined, H&M and P&I insurance create a comprehensive package that addresses both the physical damage to the ship and third-party liability aspects of maritime operations.

– Coverage Limits: SeaPay® offers commercial hull limits of up to $5 million and P&I limits of up to $1 million per vessel, providing substantial financial protection.

– Geographic Scope: Coverage is available for US coastwise waters and inland rivers/lakes, with specific exclusions for ocean-going vessels and standalone P&I.

SeaPay® Insurance’s H&M and P&I packages are designed to provide robust financial protection for shipowners and operators, ensuring that both the vessels and their owners are safeguarded against the diverse risks of maritime activities.