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hull interest

Russian translation: интерес (страховой компании) при страховании КАСКО (страховании кузова, машин и оборудования) )

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13:29 Jul 7, 2011
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.
Roman Bouchev
Russian Federation
Local time: 17:24
Russian translation:интерес (страховой компании) при страховании КАСКО (страховании кузова, машин и оборудования) )
Explanation:
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)
Selected response from:

victoria13
Local time: 22:24
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4интерес (страховой компании) при страховании КАСКО (страховании кузова, машин и оборудования) )victoria13
3 +1(база для расчета страхового возмещения) при страховании дополнительных рисков
Nadezhda Kirichenko
3дополнительная страховка
Lilia_K
2в отличие от страхования корпуса судна
Serg Yefimov
Summary of reference entries provided
A definitionAndrei B

  

Answers


47 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
дополнительная страховка


Explanation:
Дополнительная страховка по покрытию убытков связанных с морской транспортировкой.
http://www.sotby.com/Info/Versioned/Insurance_ru.aspx
This type of insurance is often referred to as "Increased Value" or "Hull Interest" and arose historically from the fact that vessels were being sent on long voyages across oceans to return with valuable cargoes. The value of the vessel on the outward voyage was enhanced on the return voyage because of the value of the cargo but also because if it were lost the owner would need to recoup all expenses associated with the venture which were not otherwise reflected in the H&M value of the vessel.
http://londonspecialrisks.com/products-and-services/hull-mac...

Lilia_K
Ukraine
Local time: 16:24
Native speaker of: Native in RussianRussian, Native in UkrainianUkrainian
PRO pts in category: 28
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52 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
в отличие от страхования корпуса судна


Explanation:
в отличие от страхования корпуса судна/добавленной стоимости

Serg Yefimov
Ukraine
Local time: 16:24
Specializes in field
Native speaker of: Native in RussianRussian, Native in UkrainianUkrainian
PRO pts in category: 34
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
hull interest (basis for the insurance)
(база для расчета страхового возмещения) при страховании дополнительных рисков


Explanation:
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

http://www.uio.no/studier/emner/jus/jus/JUR5450/v11/undervis...

Insurable interest = full market value
Insurable value hull = assessed = potential ”rest value”
Rest value = hull interest insurance, but max 25 %

***

+ см. здесь:

http://www.swedishclub.com/upload/174/18.increased-value-hul...

Narrative
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.
Description
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.


Nadezhda Kirichenko
Local time: 14:24
Native speaker of: Native in RussianRussian, Native in UkrainianUkrainian
PRO pts in category: 36

Peer comments on this answer (and responses from the answerer)
agree  Andrei Mazurin
16 hrs
  -> спасибо
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
интерес (страховой компании) при страховании КАСКО (страховании кузова, машин и оборудования) )


Explanation:
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)

victoria13
Local time: 22:24
Native speaker of: Native in RussianRussian, Native in UkrainianUkrainian
PRO pts in category: 4
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Reference comments


5 hrs peer agreement (net): +2
Reference: A definition

Reference information:
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.
(reference below)


    Reference: http://www.northedge.no/index.php/products/insurance-broking...
Andrei B
Russian Federation
Native speaker of: Native in RussianRussian
PRO pts in category: 40

Peer comments on this reference comment (and responses from the reference poster)
agree  Nick Golensky
1 hr
agree  Lilia_K
2 days2 hrs
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