FREQUENTLY ASKED QUESTIONS

What is Transmarine?

Transmarine is the trading name for a Marine Trade Disruption Insurance incorporating Strike delay and Loss of Hire, with AA+ rated security provided by Great Lakes Reinsurance (UK) Plc, an insurance company registered in the UK and wholly owned by the Munich Re. The policy is underwritten by commercial underwriters and as a result, the premium charges are fixed.

Who runs Transmarine?

Transmarine has been set up by Michael Else and Company Limited and is administered by them on behalf of Great Lakes. Michael Else and Company has full underwriting control and a claims settlement authority.

What policy documentation do Transmarine's clients obtain?

Transmarine's clients receive a policy wording, which is the basis of the contract between the client and the underwriters at Great Lakes.  A Certificate of Insurance is issued in respect of each individual assured, which refers to the policy wording and which states the security to be 100 per cent Great Lakes.

What limit can you offer?

Transmarine can offer up to USD 10 million of cover per annum per assured.

What level of service could an Assured expect to receive from Transmarine? Transmarine is run by Michael Else and Company, which has an excellent track record in the provision of service orientated marine insurance products. Transmarine was established in 1974.  In 1986 Michael Else and Company set up the Charterers P&l Club.  Over this period Michael Else and Company has developed considerable expertise in handling claims and looking after the interests of ship operators. Michael Else and Company enjoys a close working relationship with its worldwide network of correspondents, surveyors, lawyers and other professionals associated with the maritime service industries.

Who runs the Claims department?

The Claims Director, Richard Bokszczanin, is an ex mariner as well as a barrister. He joined Michael Else and Company in 1997 having spent 14 years working with a major group club. Richard is ably assisted by an experienced team from a diverse maritime, commercial and legal background.

Does Transmarine only deal through insurance brokers?

Michael Else and Company has a good relationship with its existing client base.  Some clients are direct, but the majority have been introduced to the Company by insurance brokers, many of whom have been working closely with us for more than 28 years.  Transmarine is committed to working with insurance brokers. A quality broker with a sound understanding both of the market and the client's requirements definitely adds value. The decision as to whether or not an insurance broker is required is ultimately the choice of the client.

How does Transmarine's Class I Strikes cover differ from other Strike Insurers?

Under Class I Transmarine provides the broadest form of direct and indirect shore strike cover available. An Assured who is an owner can also cover himself against losses suffered as a result of a strike of his own crew.

What indemnity would an assured receive under Class I?

Generally, by way of an Open Cover, an Assured would declare a vessel, at the same time stating his required daily sum insured. Subject to approval by Transmarine it is this sum for which the Assured would be indemnified.

How does Transmarine's Class II Trade Disruption Insurance (TDI) cover differ from traditional Loss of Hire insurance?

At the heart of Class II is cover for loss of revenue as a result of Hull and Machinery claims. However there are a further 21 perils for which cover is provided, including Fire and explosion on land, delays due to extraordinary weather, berth obstruction and political risks.

Other than loss of revenue what else is covered under Class II?

An assured can recover not only loss of revenue but also additional costs associated with cargo storage and handling following an incident, including substitute charter hire.  Subject to approval by underwriters an assured who may be exposed to specific contractual penalties could recover these costs following the occurrence of a named peril.

Can a Port or Terminal operator also insure his Trade Disruption with Transmarine?

Yes, a port or terminal operator who can show that the normal operation of his facilities has been disrupted by an insured peril can recover his daily loss of revenue and additional costs. Again specific contractual penalties can also be covered.

What are the benefits of purchasing Class III TDI cover over Cruise Indemnity or Passage Money Insurance?

Class III is designed for cruise and passenger owners' and charterers' TDI risks and covers 16 perils, from breakdown of machinery, to cruise cancellation following a severe outbreak of illness on board.  Not only can the assured recover his loss of revenue for subsequent cruises but he can also recover costs associated with the repatriation of passengers who have yet to board the vessel, a cost that may not be covered under his P&I insurance.  Passenger compensation liabilities covered under a fair trading charter could also be covered under this Class.