Watercraft insurance

The property interests of the Insured (Beneficiary) shall be the insurance object associated with possession, use and disposal of watercraft as a result of its damage or destruction (theft, robbery), including engines, rigging, interior trim, equipment and others.

The object of insurance

The following transport is accepted for insurance:

  1. means of watercrafts (vessels) recorded in the State Register of Ships, depending on their destination, navigation area, material of construction, type of engine (propulsion: sailing, propeller-driven and others) and divided into groups: military (as a rule not accepted for insurance), transport (commercial), fishing, auxiliary service, vessels of technical fleet, special (barge), sports and recreational (motor boats, yachts etc.).Transportation (trade) vessels depending on the nature of transported cargo are divided into:
    • passenger and cargo-passenger vessels (with over 12 passenger seats and targeted to carriage passengers and cargo);
    • dry-cargo vessels targeted to transport general cargo, bulk, packaged and in bulk (refrigerators, timber carrier, grain carrier, container carrier, palletized cargo carrier etc.) as well as specialized: bulk carrier, ro-ro, lighter carrier, liquid bulk carrier targeted to transport liquid cargo in bulk (tankers etc.).

    Fishing vessels are used for sea fishing (fishing, whaling, crab fishing and others) and divided into fishing vessels (trawlers, seiners, boats, tunny catchers, crab-fishing boats, whaleships and sealcatchers) as well as floating bases and factories that process fish directly in sea.

    Auxiliary service vessels that ensure the operation of transport and fishing vessels include icebreakers, tug-boats, distributing boats, pilot vessels, general service boats, rescue, fire vessels etc.

    Vessels of technical fleet include dredgers, floating docks, cranes etc.

  2. machinery (engines), navigation and other equipment, ship devices, equipment (rigging), equipped on sea (river) vessels, additional specialized equipment (fitting out) equipped and/or transported on vessel as well as spare parts, interior trim.

The Insured event

An insured event under the insurance contract entered into in accordance with these Rules is an event that occurs during the validity period of the contract and within the agreed territorial limits, resulting in the loss (destruction) or damage to the insured vessel and/or additional equipment.

Destruction (loss) or damage to watercraft is the insured event as a result of:

  1. accident (incident) on the water as a consequence of:
    • severe weather conditions – storm, hurricane, rough weather;
    • collision with other vessels;
    • contact with floating or fixed facilities;
    • touching the ground or grounding;
  2. fire, explosion;
  3. collision with ground means of transport, equipment or structures of harbors or docks;
  4. earthquake, volcanic eruption or lightning;
  5. accidents during loading, unloading or shifting of cargo;
  6. during loading or unloading of fuel;
  7. explosion of boilers, breakage of shafts or other hidden defects of machinery or skeleton of vessel, errors in ship’s structure;
  8. collision with means of air transport (aircraft, helicopters etc.), their fragments;
  9. illegal actions of the third parties.

The Insured sum and insurance premium

The insured sum is determined in the insurance contract as agreed by the parties, but may not be higher than the actual value of vessel at the time of entering into the insurance contract.

The amount of insurance premium payable under the insurance contract is calculated pursuant to insurance tariffs that determine the rate of insurance premium payable from the insured sum, taking into account the technical condition of insurance object, insurance risks and ratio of insured amount to vessel’s value. Payment of insurance premiums is made in national currency of the Republic of Kazakhstan – tenge.