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.

Media Info

  • Pagination: p. 21-31

Subject/Index Terms

Filing Info

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