Marine Hull

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Marine hull insurance

The Hull policy covers physical damage to the Hull & Machinery, other equipments installed on the vessel caused by fire, explosion and other marine perils. Collision liability is a supplementary cover for damages/ loss to other vessel in addition to damage/ loss to insured vessel. Sue and labor charges are also paid in addition to the claim amount. Additional coverage is available for excess collision liability and strikes, riots and war risks. Legal liability to any third party due to negligence related to the vessel’s operations or the actions by masters or crew can be also covered.

Who takes the insurance?

Hull insurance is taken by ship owners and operators, fleet owners, ferry operators, charter and tourist boat operators, individuals/ business having financial interest on the vessels, Tug operators etc. Types of Covers available are Hull, Machinery, Voyage, Ship Builders Risk, Ship Repairs Liability, Protection & Indemnity Liability, Crew Liability, Passenger Liability. All hulls, machinery other than fishing boats are covered under Institute Clauses, which could be selected according to one’s requirements

What type of vessels are covered?

It covers all types of vessels operating in oceans, rivers, lakes and includes Ships, bulk carriers, tankers, fishing boat, cruisers, yachts, jetties and wharfs. The vessels must be classified by one of the classification society and class must be maintained throughout the policy period.

Type of Policies

  • Vessel insurance: It covers accidental loss or damage to the vessel anywhere in the agreed navigational limits set by the policy

  • Liability insurance: It can be included as an extension to the hull insurance or as a stand-alone cover. The limits selected for liability will vary based on vessel type, use and territorial limits.

  • Ship repairer’s liability: Cover as per ship repairers’ liability insurance clauses. It can cover the legal liability ship repairer’s face for loss and damage occurring while a vessel or craft is in their care, custody or control. It also applies when a vessel is being moved within the limits of the port where work is being done and while in transit to or from a specialist repairer or manufacturers’ premises.

  • Ship Builders risk: This is covered as per Institute clause of Builders Risk. It protects vessels under construction or conversion; cover is provided against risks of physical loss or physical damage. It also allows for launching, sea trials and liabilities arising out of the build.