The 60-second version
Loss of hire insurance indemnifies daily hire loss when vessel is off-hire due to insured damage — returning NRIs time-chartering or owning coastal feeders need cover alongside hull machinery and charter party liability policies.
Hull policy pays repair cost — loss of hire pays the daily hire you lose while vessel is off-hire
Loss of hire insurance responds when insured damage puts vessel off-hire and owner loses daily hire under time-charter or voyage fixture.
Returning NRIs owning Indian-flag coastal feeders need loss-of-hire layer alongside hull machinery — charterer may still claim hire deduction during repair.
Charterer lane: vessel charterer guide for fixture liability layer.
Off-hire stack
| Policy | Covers | Does not cover |
|---|---|---|
| Loss of hire | Daily hire loss | Repair cost |
| Hull machinery | Repair bill | Hire deduction |
| Charter party | CP breach | Owner hire loss |
| Collision | Third-party PD | Off-hire days |
Purchase flow
Daily hire
Fix charter rate.
Waiting period
Typically 14 days.
Get quotes
3+ insurers.
Bind policy
Match hull policy.
Off-hire log
Master record.
Stack
Loss-of-hire kit
- Policy schedule.
- Charter party.
- Off-hire notice.
- Repair invoice.
- Claim hotline.
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Waiting period
Loss of hire typically starts after 14-day waiting period — budget cash flow for first two weeks off-hire from working capital.
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Turn this guide into a decision file
0 of 4 checked
vs hull?
Hull pays repair cost; loss of hire pays daily hire income lost during off-hire period.
vs charter party liability?
Charter party covers breach claims; loss of hire covers owner's hire income loss.
Waiting period?
Typically 14 days before indemnity starts — verify policy schedule.
GST?
18% GST on marine loss-of-hire premium.
Daily rate?
Insured daily hire should match charter-party hire rate.
Claim?
Preserve off-hire notice, repair timeline, and charterer hire deduction statement.
You've done the research. Now get the plan.
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