What does Charterers Legal Liability Coverage mean? Read on to discover the definition & meaning of the term Charterers Legal Liability Coverage - to help you better understand the language used in insurance policies.
Charterers Legal Liability Coverage
A type of marine insurance designed to provide coverage for the liabilities including those of care, custody, and control (CCC) assumed by a party chartering a vessel when the vessel's operation remains in the control of the vessel's owner. Under a charter agreement also known as a charter party, the chartering party may occasionally agree to be responsible for some of the liabilities associated with the voyage like damage that the ship might incur while loading and unloading the charterer's cargo or the loss of the use of the vessel when it is involved in a collision. The insurance normally covers damage to the vessel and may also provide coverage for other types of damage or injury for which the charterer becomes legally liable.
We hope the you have a better understanding of the meaning of Charterers Legal Liability Coverage.