Marine Hull Insurance
Marine hull insurance is an insurance policy specifically designed to provide coverage to water vehicles like a boat, ship, yacht, fishing boat, steamer, etc. A hull means the body of the vessel and that is exactly what is covered by this insurance policy.
Need for Marine Hull Insurance
For all operational vessels (ships), marine hull insurance is like a security blanket. Waterways can be quite challenging at times and can result in any untoward incident. For such events, a marine hull insurance policy acts as a saviour for the ship.
Marine hull insurance is an insurance policy specifically designed to provide coverage to water vehicles like a boat, ship, yacht, fishing boat, steamer, etc. A hull means the body of the vessel and that is exactly what is covered by this insurance policy. The insurance provides financial protection in case of any damage to the vessel’s body (hull) and or the machinery due to risks covered by the policy.
What it covers?
- Damage to the hull of the ship or vessel, including its machinery and equipment
- Damage or loss to the ship due to fire, burglary and/or theft
- Accidental damage to the ship due to earthquake, lightning, etc.
- Damage done to other boats by the insured vessel (third party liability)
- Damage to the vessel during maintenance activity
- World-wide coverage for ocean-going vessels
What it doesn’t cover?
- Normal wear and tear of the hull and machinery
- Damage done due to nuclear activity
- Radioactive contamination
- Damage done by the crew members under the influence of alcohol
- Intentional damage to vessel
- Damage done to the vessel due to terrorist activities
- Involvement in dangerous activities which may lead to hull damage
- Sailing the vessel in a sea storm after issuance of warming
- Overloading of goods
- Optional Covers: Political Violence and Terrorism cover
- Machinery Insurance: All essential machineries are covered under this insurance and in case of any operational damages, claims can be compensated (post-survey and approval by the surveyor).
The subject of Marine Insurance is very wide and encompassing, which is why there is a definite categorization of various types of marine insurance and different types of marine insurance policies. As per the needs, requirements and specifications of the transporter, an appropriate type or types of marine insurance can be narrowed down and selected to be put into operation.
Talk to us today for all your Marine Hull Insurance needs at an affordable price and for reliable claims management.
For registration of claims and to learn more about our claims process please Contact our dedicated claims team for advice on an incident/claim.
D&O Policy protect company director or officer from legal liability arising out of actual or alleged wrongful acts in managing a company.
- The policy covers a wide range of litigation that could arise from customers, vendors, shareholders, employees.
- In addition to defence cost, it provides cover for :
- Investigation Cost
- Entity Protection against Employment Practice Liability claims
- Outside Entity Directorship cover,etc.