Prudence and Fairness
Al-Bahriah respects the fundamentals of marine insurance. The first concern is that insurance risks must always be fully recognized. Al-Bahriah carefully assesses the individual level of premium that is to be paid for each risk exposure and seeks to treat all Shipowners fairly based upon a clear understanding of commercial realities. Coupled with effective claims handling, prudent as well as fair underwriting is an essential element contributing to Al-Bahriah’s financial strength.
Selection and Pricing
selection process includes a risk based selection of vessels subject to condition surveys for new entered ships as well as follow-up maintenance surveys for existing ships. Al-Bahriah takes steps to ensure that new entered customers and tonnage have a stable and positive risk profile which operate at standards matching Al-Bahriah’s overall risk profile and quality requirements. Careful risk selection combined with adequate pricing of risks are the most important underwriting criteria to ensure the financial well being of Al-Bahriah over the years.
Stability and Competition
Al-Bahriah believes that its long term financial stability depends on maintaining an adequate spread of risks and a diversity of vessel type, trading area and conditional risk exposure. Unpredictability of large claims is absorbed by reinsurance programs provided by long term reinsurance arrangements with first class securities.
In accordance with International Navigating Conditions, vessels shall not enter the following Areas unless prior permission is obtained by Underwriters and any amended terms agreed:
ArcticNorth of 70°N. Lat. Barents Sea North of 72°30’ N. Lat. or east 35°E. Long. Baltic Gulf of Bothnia north of a line between Umea (63°50’ N.Lat.) and Vasa (63° 06’ N. Lat.) between 10th December and 25th May. Where the vessel is equal to or less than 90,000 DWT, Gulf of Finland east of 28° 45’ E. Long. between 15th December and 15th May. Vessels greater than 90,000 DWT may not enter, navigate or remain in the Gulf of Finland east of 28° 45’ E. Long. at any time. Gulf of Bothnia, Gulf of Finland and ajacent waters north of 59° 24’ N. Lat. between 8th January and 5th May, except for calls at Stockholm, Tallinn or Helsinki. Gulf of Riga and adjacent waters east of 22° E. Long. and south of 59° N. Lat. between 28th December and 5th May.
Bering Sea Bering Sea except on through voyages and provided that the vessel does not enter, navigate or remain north of 54° 30’ N. Lat. East AsiaSea of Okhotsk north of 55° N. Lat. and east of 140° E. Long. between 1st November and 1st June.Sea of Okhotsk north of 53° N. Lat. and west of 140° E. Long. between 1st November and 1st June. East Asian waters north of 46° N. Lat. and west of 140° N. Lat. and west of the Kurile islands and west of the Kamchatka Peninsula between 1st December and 1st May.
Greenland Greenland territorial waters.
Kerguelen/CrozetTerritorial waters of Kerguelen Islands and Crozet Islands.
Northern Seas White Sea. Chukchi Sea.
North America (east)North of 52° 10’ N. Lat. and between 50°W. Long. and 100° W. Long. Gulf of St. Lawrence, St. Lawrence River and tributaries (east of Les Escoumins, Strait of Belle Isle (west of Belle Isle), Cabot Strait (west of a line between Cape Ray and Cape North) and Strait of Canso (north of the Canso Causeway), between 21st December and 30th April. St Lawrence River and tributaries (west of Les Escoumins) between 1st December and 30th April. St. Lawrence Seaway. Great Lakes. North America (west)North of 54° 30’ N. Lat. and between 100° W. Long. and 170° W. Long. Any port or place in the Queen Charlotte islands or the Aleutian Islands.
Southern Ocean
South of 50° S. Lat. except within the triangular area formed by thumb lines drawn between the following points: 50° S. Lat. 50° W. Long. 57° S. Lat. 67° 30’ W. Long. 50° S Lat. 160° Long
JWC Hull War, Strikes, Terrorism, and Related Perils. Listed Areas of JWLA031 as at 25th April 2023
Africa
Benin
Cabo Delgado, waters as defined overleaf
Eritrea, but only South of 15° N
Gulf of Guinea, waters as defined overleaf
Libya
Nigeria
Somalia
Sudan
Togo
Indian Ocean / Arabian Sea / Gulf of Aden / Gulf of Oman /Southern Red Seas
Waters as defined overleaf
Asia
Pakistan
Middle East
Iraq, including all Iraqi offshore oil terminals
Iran
Israel
Lebanon
Saudi Arabia excluding transit
Syria
Yemen
South America
Venezuela, including all offshore installations in the Venezuelan EEZ
Definitions
- Named Countries shall include their coastal waters up to 12 nautical miles offshore, unless specifically varied above
- Named ports shall include all facilities/terminals within areas controlled by the relevant port authority/ies (or as may be more precisely defined by Insurers) including offshore terminals/facilities, and all waters within 12 nautical miles but not exceeding 12 nm offshore unless specifically stated.
Indian Ocean / Arabian Sea / Gulf of Aden / Gulf of Oman /Southern Red Seas
The area is enclosed by the following boundaries:
- On the North-West, by the Red Sea, south of Latitude 15° N
- On the West of the Gulf of Oman by Longitude 58º E
- On the East, Longitude 65º E d) and on the South, Latitude 12º N
excepting coastal waters of adjoining territories up to 12 nautical miles offshore unless otherwise provided.