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. (See Demurrage.) 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.