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.
- Presented at the Super Ocean Carrier Conference, New York, N.Y., Jan. 1974.
Super Ocean Carrier ConferenceP.O. Box 269, Berth 84
San Pedro, CA USA 90733
- Chester, A H
- Publication Date: 1974-1
- Pagination: p. 21-31
- TRT Terms: Hull insurance; Insurance rates
- Subject Areas: Administration and Management; Marine Transportation;
- Accession Number: 00054402
- Record Type: Publication
- Source Agency: Super Ocean Carrier Conference
- Files: TRIS
- Created Date: Jul 15 1974 12:00AM