Marine hull insurance
As a vital component of corporate risk management services, the Hull policy covers physical damage to the Hull & Machinery and other equipment installed on the vessel caused by fire, explosion, and other marine perils. Collision liability is a supplementary cover for damages or loss to other vessels in addition to the insured vessel. Sue and labor charges are also paid in addition to the claim amount. Additional coverage is available for excess collision liability, strikes, riots, and war risks. Legal liability to any third party due to negligence related to the vessel’s operations can also be covered.
Who Needs This Insurance?
Hull insurance is taken by ship owners, fleet operators, and businesses as part of a comprehensive commercial property insurance policy. Types of covers available include Hull, Machinery, Voyage, Ship Builders Risk (often aligned with construction project insurance coverage), Ship Repairs Liability, and Protection & Indemnity. All hulls and machinery, other than fishing boats, are covered under Institute Clauses, which can be selected according to your specific business requirements.
What type of vessels are covered?
It covers all types of vessels operating in oceans, rivers, and lakes, including ships, bulk carriers, tankers, fishing boats, cruisers, yachts, jetties, and wharfs. To align with standard corporate risk management services, the vessels must be classified by an approved classification society, and this class must be maintained throughout the policy period.