Fulfilling important economic and social function of transporting various cargoes the owners of river craft bear the risk of damage to third party property and environmental damage.
After several severe accidents happened recent years in Russian inland waterways the compulsory civil liability insurance was enacted. Since January 1, 2013 a carrier is obliged to insure his liability for passenger loss of life, bodily injury or property damage.
By way of the appropriate amendments to Inland Water Transport Code (article 121) date river craft insurance have become mandatory too. The law has imposed the duty on river craft owners to insure their liability i.r.o. damages to third parties, pollution by oil or other substances, liability for collision and damage to port and inland waterways infrastructure.
The owner is allowed to operate river craft if only he has taken out an insurance policy or a bank guarantee as a security for civil liability. Such obligation is imposed for all types of vessels (including in transit) except small size craft, pleasure craft, sport sailboats, non-self-propelled vessels for the carriage of bulk cargoes.
Along with mandatory insurance Inland Water Transport Code establishes limitation of civil liability of the owner. So river craft insurance is being associated with comprehensive government measures to increase safety level of inland waterways.
When taking out insurance Russian river craft owners may enjoy choosing between the advantages of international P&I Clubs cover and cover provided by commercial insurance companies. This choice is always individual and depends on number of factors.
AMT Insurance cover is tailored for the specific needs of the owners of small and medium-sized vessels. We offer insurance both on mandatory (Inland Water Transport Code) and voluntary basis (full P&I cover).
On mandatory basis the owners are obliged to have either financial guarantee or insurance cover.The scope of cover is the following:
- collision liability;
- third party property damage liability;
- pollution liability;
- wreck removal liability.
AMT also offers crew cover - loss of life, bodily injury and expenses connected herewith (expenses related to medical treatment, substitute, repatriation, funeral).