INSURANCE ASPECTS OF THE MILLION TON TANKER

The underwriting of hull insurance for a million ton tanker will be possible but the premium rate will take a quantum jump till sufficient numbers of these vessels are in existence to permit a large risk spread. This large size vessel's premium may also be affected by the sad experiences of the MACTRA, MARAPESSA and KING HAAKON when they represented a quantum jump in size and exploded with disastrous results within several weeks of each other. The insurance premium will still represent the largest trading expense in the shipowners' account. For a million ton vessel costing between 150 million and 200 million dollars the annual bull premium will be 3 to 4 million dollars annually. Factors affecting the insurance premium are tugs, availability of large drydocks, inadequate charts for the large drafts and the increase in human errors.

• Supplemental Notes:
  • Presented at the Super Ocean Carrier Conference, New York, N.Y., Jan. 1974.
• Corporate Authors:

  Super Ocean Carrier Conference

  P.O. Box 269, Berth 84
  San Pedro, CA  United States  90733
• Authors:
  • Chester, A H
• Conference:
  • Presented at the Super Ocean Carrier Conference, New York, N.Y., Jan. 1974.
• Publication Date: 1974-1

Media Info

• Pagination: p. 21-31

Subject/Index Terms

• TRT Terms: Hull insurance; Insurance rates
• Subject Areas: Administration and Management; Marine Transportation;

Filing Info

• Accession Number: 00054402
• Record Type: Publication
• Source Agency: Super Ocean Carrier Conference
• Files: TRIS
• Created Date: Jul 15 1974 12:00AM