INSURANCE BACKED GUARANTEE ON THE PERFORMANCE OF COATINGS, PAINT MATERIALS & SURFACE PROTECTION SYSTEMS
WHICH TYPE OF COATING MATERIALS / SYSTEMS?
All certified or approved products, materials or systems having protective, anticorrosive or surface protection properties such as protective and marine paints, coatings and linings to be applied on steel, aluminium or composite vessels, yachts, onshore or offshore structures, civil works, piping, bridges, etc.
TYPE OF COVERS:
• Project based cover (one-off) for a specific project
• For a series of projects or works (annual based).
WHAT DO WE COVER?
• Corrosion (according to the ISO or ASTM scales);
• Detachment, blistering, flaking and cracking (according to the ISO or ASTM scales);
• For very specific systems or applications only: loss of gloss, loss of colour, hardness, fouling;
• If required and subject to special terms & conditions: dry-docking costs and off-hire costs.
WHO CAN BE COVERED?
• the Coating / Paint / System Manufacturer and his Distributors / Representatives;USUALLY WE COVER THESE PARTIES JOINTLY. BUT COVER CAN BE PROVIDED SEPARATELY.
• the Coating / Paint / System Contractor (Applicator);
• the Shipyard / Workshop and his Main or Sub-Contractor(s);
• the Owner / the Principal (or as Beneficiary of the guarantee).
• Max. 2 years for Super- and Mega-yacht Coating systems (extendable to 3 years for corrosion cover);
• Max. 5 years for Marine, Non-Marine, Industrial Coatings / Paints / Linings / Mortars / Sealants.
REPAIR COSTS COVERED BY THE GUARANTEE?
• Coating / paint / lining products or materials;
• Labour, application cost, including the cost of surface preparation;
• Transportation cost of personnel and of products or materials;
• Additional costs such as cost of access, renting cost of cranes, scaffolding, ventilation, etc.;
• Dry-docking and off-hire costs if mentioned in the Special Cond. and subject to an aggregate limit;
• Other additional costs if mentioned in the Special Cond. and subject to an aggregate limit.
• All mechanical or equivalent damages;
• All material or immaterial consequential losses as well as all Third-Party claims;
• Deliberate or intentional non-respect of the rules of good coating & working practice;
• Damages for which the Insured cannot be held liable and damages not related to the scope of the guarantee.
INSPECTION AND SURVEY
For each coating project or work we will require some "spot" (at random) and upfront inspections to be done by one of our experienced Coating Inspectors. This Coating Inspector will follow up the works from specification set-up, surface preparation until final acceptance or delivery of the coating works, and he will issue a final acceptance report which will permit the insurer to cover such works / projects. Our Company works regularly with some 30 experienced independent Coating Inspectors worldwide - www.iicin.com
(per each project) € 5.000.000 (can be raised for bigger projects on demand)
WHY INSURING YOUR GUARANTEE?
There is no recourse of the Insurer against the Insured (manufacturer, contractor - applicator, principal, yard, etc.).
It replaces your bank guarantees or performance bonds as this is a real full performance guarantee insurance cover.
The guarantee period we agree upon cannot be cancelled even if underwritten for a 5-years period. For project-based covers the premium is one-off for the whole period of guarantee and premiums are up-front (no annual premiums, no supplementary calls).
The cover is a JOINT COVER! No issues of liability or responsibility, no discussion in case of claims! Only one party to address for claims: The Insurer.
We guarantee individual approach to each client, explain all the nuances and offer the best solution.
A GOOD GUARANTEE COVER WILL NEVER REPLACE A GOOD COATING OR A GOOD APPLICATION!