Marine Insurance

Marine Hull Insurance

Marine hull insurance is an insurance policy that is specifically designed to cover ship damage expenses .

The hull refers to the main body of the ship/vessel . it also comprises the any fixtures /operational part including the engine attached to the main body.

Marine Hull Insurance Coverage

For all operational vessels, hull and machinery insurance is one of the most extensively required forms of marine insurance policies.

The major risks that are covered under hull and machinery insurance include the following. Also note that they are not limited to the following:

• Damages to hull, machinery and equipment onboard the vessel.
• Salvage and applicable charges.
• Dry docking expenses.
• Disbursement losses.
• Costs for marine surveys to assess damage of potential damage.
• Costs for collision defense and attacks.
• Legal costs and labor costs.
• Total loss in terms of actual or constructive loss of the vessel.
• Ship-breaking losses.
• Fittings and freight.

Marine hull insurance policies can also comprise third party liability .it can cover the damages or losses caused by your vessels to other boats or ships, or injury to the ship workers.

What is not Insured ?

The policy does not pay any loss/damage caused by attributable to due to

• 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
• 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.