Loss of Hire Insurance

Loss of Hire Insurance: what to consider

Loss of hire insurance addresses a defined loss of earning ability after an insured event. Hull insurance may pay eligible repair costs while the owner continues to lose income during repairs. An enquiry therefore needs both the underlying damage arrangements and an evidence-based daily income figure.

Align the trigger with the hull policy

The cause of interruption and its relationship to the underlying hull wording matter. Supply the H&M terms and proposed income protection requirements. A vessel being off-hire under a charterparty does not, by itself, establish that a loss-of-hire policy responds.

Choose days and a waiting period deliberately

Specify daily hire value, maximum insured days and waiting period. Consider repair duration, replacement-part lead times and the ship’s commercial employment. The contractual waiting period affects claim adjustment; it is recorded separately from the calculator’s insured-amount formula.

Cover to discuss for Loss of Hire

• Income interruption following the damage trigger stated in the contract.
• An agreed daily indemnity and maximum number of recoverable days.
• Defined repair-period or other agreed benefits, subject to policy conditions.

Limits, exclusions and related cover

Market weakness, ordinary maintenance, charter disputes, port delay and war-related detention should not be assumed included. Total-loss treatment and specialist extensions must be checked expressly. The schedule and wording determine the payable period after a casualty.

Prepare your Loss of Hire enquiry

• Daily earning information and relevant charter / employment evidence.
• Required insured days, waiting period and underlying H&M policy.
• Vessel particulars, repair / casualty history and requested extensions.

Start your Loss of Hire application and save the information securely. For an existing incident, use the Claims Centre and follow the reporting requirements in your policy.

Loss of Hire pricing and quotation

Enter the risk-specific rate supplied for your enquiry to calculate an instant indicative premium. You can apply online without prior approval.

Indicative premium estimate only. Final premium and coverage are subject to underwriting approval, vessel specifications, route, claims history, policy limits, deductibles, capacity availability and final policy terms.

Related insurance for this exposure

• Hull & Machinery — Physical damage protection for commercial vessels, machinery and equipment.
• Tanker Insurance — A coordinated approach to crude, product and chemical tanker insurance.
• Fleet Insurance — Coordinate multiple vessels within a marine insurance programme.

Further reading: Loss of Hire Insurance for Commercial Vessels

Industry reading

These independent resources explain industry concepts; they do not establish a partnership or the terms of a MarineEnergyCover quotation.

• Gard: loss of hire

Page updated 11 September 2026. Specific cover is determined by the agreed policy wording and binding confirmation.