STRIKE INSURANCE

Strike Insurance also called Delay Insurance is provided by The Strike Club which works similar to mutual clubs (advance call, supplementary call, release call). The concept of the cover is the time lost in situations that the other traditional policies are not fully cover or not cover at all.

Covers are segmented  into classes:

Class I - was created to protect ship owners against financial losses because of delays caused by shore labor disruption 

Class II –  was introduced to include delays caused by congestion  after the end of a strike
One example is the  disruption of loading or discharging operations because of destroyed port facilities due to heavy weather such as Katrina or deviations to other ports and consequent transshipment  costs.

Class III -  was introduced for delays due to crew strikes

Cover later extended further for delays caused by collision, grounding, stranding,  striking FFO’s as well as fire, explosion and breakdown of machinery.

An example is the deviations to other ports due to breakdown of several piston rings in machinery or deviations for repair due to collision with another vessels or time lost during repairs following a physical damage to ship.