Hull. Machinery & Liabilities
Ship-owners and ship managers are exposed to various maritime perils. Marine Hull Insurance is a specialized type of insurance as it requires careful study of each type of Hull. We help ship-owners protect their assets and liability exposure.
Scope of Cover
All risks relating to Vessels, Floating Dry Docks, Jetties and Ship-owners' Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased Value, Excess Liabilities, Protection and Indemnity (P&I) Liabilities, Charterers' Liabilities, Charterers' Freight, Charterers' Hire and/or Disbursements, General Average Disbursements, Ship Repairers' Liabilities, Shipbuilding Risks, Ship breaking Risks and other allied interests of whatsoever nature required to be insured.
Types of Vessels Covered
- All types of ocean-going vessels
- All type of coastal/inland vessels
- Yacht and pleasure crafts
- Port Crafts
- Shipbuilding- construction of vessel
- Ship Repairers' Liabilities
- Charterer's Liabilities & Voyage Cover
- Freight-at-Risks insurance for voyages
- Fishing vessels/trawlers
- Sailing vessels
- Jetties (with or without cranes), fixed pontoons/pontoon jetties, wharfs etc.
- The policy covers perils of the seas, rivers, lakes or other navigable waters
- loss/damage to the property insured caused by:
- Fire, explosion
- Stranding, sinking etc.
- General average, salvage charges
- Piracy, Kidnapping & Ransom
- Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation
- Earthquake volcanic eruption or lightning
- Crew Negligence.
The policy does not cover loss/damage due to the following:
- Deliberate damage/destruction of the vessel by wrongful act of any person
- Use of any weapon of war employing atomic/nuclear fission and or fusion
- Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons
- Insolvency or financial default of the vessel owner /operators /charterers
- War / civil war, Strike, Riot or Civil Commotion
- Any terrorist or person/s acting with political motive
Value of Hull for insurance is the market value which is to be agreed or assessed by an independent marine surveyor. The factors taken into account for premium rating of a Hull depend on the following:
- Type of Hull
- Fleet or Singleton
- Trade of the Vessel
- Flag & Registry
- Valuation of the Vessel
- Past Loss History
- Insurance Conditions offered