Charterers Liability Insurance
Charterers Liability Insurance :
A type of marine insurance designed to provide coverage for the liabilities including those of care, custody, and control (CCC) assumed by a party chartering a vessel when the vessel’s operation remains in the control of the vessel’s owner. Under a charter agreement also known as a charter party, the chartering party may occasionally agree to be responsible for some of the liabilities associated with the voyage like damage that the ship might incur while loading and unloading the charterer’s cargo or the loss of the use of the vessel when it is involved in a collision. The insurance normally covers damage to the vessel and may also provide coverage for other types of damage or injury for which the charterer becomes legally liable.