Voluntary TPL insurance

Voluntary third party liability insurance for water transport owners

Object of third party liability insurance for water transport owners is the property interest of Assured connected with his/her obligation stated by civil legislation to indemnify a damage caused to the life, health and/or property of third parties (Injureds) during water transport exploitation.

Sum insured is defined by consent of the parties:

• Maximum aggregate limit of liability;
• Maximum limit of liability per one or several insurance events within insurance agreement validity;
• Maximum limit of liability per each risk on one or all insurance events;
• Maximum limit of liability for damage caused to person, and maximum limit of liability for damage caused to property.

Insurance event is a risk of water transport owners third party liability as a result of its exploitation.

Insurance event is the occurrence that has the features of possibility and accidence of its happening stipulated by the insurance policy/agreement, upon which the obligation to indemnify loss is to be fulfilled by Insurer to Insured (Beneficiary):

Indemnity shall be paid in amount of loss caused to property, but no more than sum insured.

Indemnity per risk of “damage to life and health of third parties” shall be paid in amount of expenses’ indemnification but no more than sum insured.