Currently the value of bunkers is relatively low as opposed to the high value of bunkers a couple of years ago. Nevertheless, the value of bunkers can cause a significant economic loss to its owner - i.e. either to charterers or shipowners depending on the charter party arrangements. There are insurance markets that may cover loss of bunkers at its purchase price and / or market value at the date of the incident, which is proximately caused by specific perils. Such cover is provided by following some of the basic principles of Hull & Machinery as well as War policies of the assured at Nil deductible. A few examples that may trigger a claim, which should be covered by the respective policies, are the following;
A) Total Loss of vessel due to a derelict mine;
B) Contribution to General Average and Salvage Award due to grounding;
C) Loss or contamination arising from fire or explosion.