Egypt – Debate about marine hull insurance deductibles
Saturday, 01 09 2016, Category: Insurance and Reinsurance, Country: Egypt
The captain Mr. Mahmoud Marzuk the marine expert said that international insurance companies do not impose any deductible as a “compulsory” condition for customers who seek marine hull insurance for ships under construction as a precondition to obtain a license for sailing. In such a case the customer will not bear any percentage cost from the damage affecting the ship in case a catastrophe occurs such as a fire. Therefore, the customer will obtain the full payment of the claim without bearing any cost during this period. However, in case of the presence of a deductible there will be negotiations between Egyptian insurance companies including Misr Insurance which states clearly that condition in the marine hull insurance contract for ships under construction especially given that it is compulsory which does not leave room for negotiation about the including or omitting the deductible.
Source: Youm 7