Increased Value Insurance
Increased Value cover protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel.
Compensation under Hull & Machinery Policy in the event of Total Loss is not enough to cover expenses for replacement of the vessel, which may result in a difficult situation for the Shipowner.
Increased Value Insurance makes it possible to replace the vessel and minimize economic consequences of the Total Loss.
Indemnity paid under Increased Value Insurance policy will also protect the Shipowner against loss of freight.