|English to Russian translations [PRO]|
Law/Patents - Ships, Sailing, Maritime / bareboat charter clauses
|English term or phrase: hull interest|
|The hull and machinery basis of the Vessel insurance (as opposed to the hull interest / increased value or total loss only basis for the insurance) shall be not less than 80% of the higher of market value of the Vessel or the Insured Amount as the case may be.|
|Russian translation:интерес (страховой компании) при страховании КАСКО (страховании кузова, машин и оборудования) )|
hull and machinery insurance H&M insurance страхование корпуса, машин и оборудования See: hull insurance
hull insurance страхование корпуса, страхование КАСКО (страхование, распространяющееся на корпус морского или воздушного судна, его двигатели, другие механизмы и оборудование, постоянно находящееся на судне, но не предусматривающее страховое покрытие для находящегося на судне груза)
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|hull interest (basis for the insurance) |
(база для расчета страхового возмещения) при страховании дополнительных рисков
Мне кажется по-русски это будет звучать как-то так.
дополнительные риски - то есть риски помимо ущерба/гибели судна (hull and machinery)
такое страхование может покрывать разницу между полной рыночной стоимостью и остаточной балансовой стоимостью
Insurable interest = full market value
Insurable value hull = assessed = potential ”rest value”
Rest value = hull interest insurance, but max 25 %
+ см. здесь:
Having covered a vessel’s market value under Hull insurance, an owner also needs to cover the additional
costs associated with replacing a lost ship, including sundries such as office expenses, Increased Value/Hull
Interest cover meets these requirements.
Traditionally, under the “Marine Insurance Act”, Hull insurance covered the market value of the ship and, at the same time, the shipowner’s “insurable interest”. Any cover in excess of market value was prohibited.
Shipowners successfully demonstrated, however, that there were additional costs associated with replacement, beyond market value. It is now recognised that the assured has an additional insurable interest, in excess of the vessel’s market value and in excess of the Hull insurance. Hull Interest cover was instituted as an excess cover, commonly known as “Increased Value” or “Hull Interest”. This was originally confined to Total Loss Only cover, only paying the agreed amount when the vessel was a total loss according to the Hull insurance cover. A limit of a maximum insurable interest of 25% of hull insurance value was agreed.
With the markets providing covers for Hull and Increased Value, with a lower premium level for the total loss element in Increased Value, shipowners realised they could save premium costs by using Increased Value Cover to also cover, in part, the ship’s market value.
In turn, this gave rise to a situation in which the vessel became under-insured on Hull. As a result, the Hull insurer reduced compensation for liabilities, salvage and general average claims. In order to counter this reduction in the Hull cover, Increased Value/Hull Interest also covers “Excess Liabilities” - that is, the proportion reduced by the Hull insurer due to the perceived under-insurance in the Hull cover.
Therefore, the Increased Value/Hull Interest cover can be used to cover, in part, the vessel’s market value.
It is common for the insured value under Hull insurance, together with the amount covered under Increased Value/Hull Interest, to exceed market value, so as to absorb market value fluctuations during the policy year.
If the assured seeks to cover additional interests, in excess of market value and Increased Value/Hull Interest cover, he may elect to purchase Freight Interest cover.
A claim will be met if Hull insurance has declared a total loss, including constructive/compromised total loss. The limit for Increased Value/Hull Interest cover is set at 25% of the insured value under Hull insurance.
Under English and American hull conditions, the assured must be granted a waiver of the disbursement warranty, which limits any excess covers to 25% of the Hull insured value, should he elect to cover anything in excess of the limit.
This note is a general description of Increased Value/Hull Interest. For more detailed information, please refer to the slip or Certificate of Entry.
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|Reference: A definition|
Hull Interest insurance is a cover against actual total loss, constructive total loss or compromised total loss. A total loss could leave the owner in a position where the hull value would be inadequate to cover costs and expenses necessary to replace the lost vessel or ordering a new vessel. The Hull Interest coverage allows the shipowner to have an expectation of returning to status quo in the event of a total loss even taking into consideration the total capital value of the ship.
Native speaker of: Russian
PRO pts in category: 40
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