Object of Insurance – The object of insurance is the property interests of the Insured at the time of concluding the insurance contract.

Insurance Interest – Insurance interest is a measure of the material interest in insuring the object of insurance.

Property Interest – Property interest is expressed in obtaining compensation from the value of the insured object, which the Policyholder owns, uses, or disposes of, as well as in the Policyholder’s liability for harm caused to life, health, and/or property of individuals or legal entities (hereinafter – third parties).

Object of Insurance – The standard structure of a sea or river vessel: hull, engines, equipment, and fittings, excluding fuel, lubricants, and other consumables.

Classification of Vessels – Under the contract, sea or river vessels may be insured depending on purpose, navigation area, construction material, type of propulsion, and engine. They are subdivided into groups:

• By purpose – trade, service, sports, fishing, passenger, pleasure (lighters, tugs, ferries, barges, boats, etc.).

• Merchant ships – depending on cargo:

  • Dry cargo – for transportation of dry packaged or unpackaged goods (refrigerated cargo, timber, grain, containers, packages, etc.);

  • Bulk cargo – for transportation of liquid cargo in bulk (tankers, etc.).

Not Accepted for Insurance:
6.1 Water transport means whose structural elements (engines, hull, structures, navigation and other ship devices, machinery and equipment) are in emergency condition;
6.2 Water transport means not included in the state ship register or without an officially registered ice class;
6.3 Property located on water vessels that does not belong to the Insured and was not obtained through contractual relations.