Marine Hull Insurance

The policy provides cover for loss or damage to client’s vessel (boat, ship, liner) whilst in Commission or laid up including legal liabilities to third parties, legal costs and salvage charges.

 

Requirements

  • Period of cover
  • Type of vessel
  • Age of vessel
  • Cruising Limits
  • Value of the vessel-hull and equipment
  • value of outboard engine
  • No of passengers
  • No of crew members
  • Desired third party liability limit for passengers
  • Desired third party liability limit for the crew
  • Desired third party liability limit for third party property damage

 Claim Procedure 

  1. Accident Claim form to be filled by the insured.
  2. Original police abstract
  3. Copy of ownership documents
  4. Statement by the insured on the circumstances of the loss.
  5. The survey report,
  6. Repair/replacement invoices

Target group

This policy is ideal for; Individual/company boat, ship, liner or vessel owners, manufacturers, traders.

 

FAQ’S ON MARINE HULL

What does Marine Hull Insurance cover?

Marine Hull Insurance covers physical damage to a ship (the hull and machinery) caused by various named perils. The most important ones covered are: perils of the sea, fire, explosion, theft, piracy, jettison, earthquake, volcanic eruption, and physical damage caused by negligence of the master, officers, crew or pilots.

What are the major exclusions?

Standard Hull & Machinery Insurance is a named-peril policy, and all the perils not specifically mentioned are excluded. However, the most important ones are machinery breakdown not caused by any insured perils, liability to third party (except collision liability which can be covered for 3/4th portion), liability to crew, environment, pollution, war, and loss of hire.

How do I cover such risks?

Liabilities to the third parties, crew, and pollution liability can be covered under a separate Public liability Insurance. War perils can be covered under a separate War Insurance policy. Loss of Hire/ income after damage to the vessel due to insured perils can be insured under a Trade Disruption Insurance/ Loss of Hire Insurance cover.

What factors does the premium depend on?

The insurance premium is a function of various factors including type of vessel, age of vessel, classification society, flag, trading area, experience of owners/managers, fleet size, claims experience for last 5 years, and possible future acquisitions.

 

TIPS

Insurance Tips

Here are five tips for buying insurance: 

1. Shop smart. When

General Insurance Tips

1. Maintain a Security System and Smoke Alarms: A burglar alarm that is