Loss of Hire (LoH) insurance policies are drafted to cover the loss of hire of the ships based on an agreed daily hire rate for the period the ships became idle due to the risks listed under the H&M policies. LoH policies are generally issued on the basis of 14/60/60 or 14/90/90 depending on the parties' agreement. The first period of 14 days represent the deductible, whilst the second period of 60 or 90 represents the max. period payable under the LoH policy in one occurance and the thrid period of 60 or 90 represents the max. payable period in one policy year.