Marine Insurance
Types of cover
- Protection & Indemnity (P&I)
- Freight, Demurrage and Defense (FD&D)
- Hull & Machinery (H&M)
- War Risks
- Charterer's P&I
- Ship Builders Risks
- Loss of Hire
- Cargo insurance
- Professional liabilities
Vessels insured
- Dry cargo sea-going vessels
- Small tankers and bunker vessels
- River vessels and barges
- Tugs and supply vessels
- Yachts and pleasure crafts
IPS Services is an insurance broker specialized in Marine Insurance. Depending on the type of cover requested, we can provide competitive quotations from the London market, as well as from reputable EU based and Bulgarian Insurers. We have established good professional relations with major companies offering specific solution for our clients.
We are working closely with many of the Bulgarian Shipowners and Managers by providing H&M and P&I cover for their sea and river fleet. The company is active also on the international market working with overseas ship management companies with focus on the Black Sea and Mediterranean region.
Our major focus is on P&I and H&M covers. Shipowners and Managers can choose between becoming part of a Mutual P&I Club or joining a Fixed premium facility. We can assist our Clients with the proper advice depending on their fleet and trading area.
The benefits of the Mutual Club include maximum possible coverage and certain flexibility and service level in claims handling and risk management, but on the other hand the premium payable is also mutual and you may, in the end, contribute to somebody else's claim by paying a supplementary call when you have not budgeted it.
Fixed premium facilities are commercial organizations (as a regular insurance company), which are able to provide limited insurance cover (normally up to USD 250 or USD 500 million) on similar insurance conditions as any Club. Your premium will be predictable and fixed for a certain period of time. Fixed premium P&I cover is more suitable for smaller crafts enabling better budget planning and predictability for business development.
We will help you to find the best possible cover for your vessels in respect of H&M insurance either from our local Bulgarian or London markets. Our services include comprehensive assistance for claims handling and receiving adequate indemnity.
Complete cargo insurance service is offered for goods carried by sea and/or combined transport for regular or project cargo based on individual or open policies. Freight forwarding companies can find through us a solution for prompt and easy insurance for the cargoes of their clients as well as for insuring their professional liability towards third parties. Special terms are offered for containerized cargo with first class insurers.