ImageMarine Hull Insurance- Benefits, Eligibility, Coverage & Claim Process

The Benefits of Hull Insurance

Comprehensive Coverage

A Marine Hull insurance policy provides complete protection to the hull and machinery of your vessel from loss or damage due to a range of perils like fire, explosion, robbery, collision and other ship-damaging risks.

Flexible Plan

You have the flexibility to buy Marine Hull insurance to protect your ship or yacht either for a specific journey, or to cover your vessel for a specific period of time irrespective of its voyages, which is usually 12 months.

Inland Vessels Covered

A Marine Hull insurance policy can cover vessels that use inland waterways, against a wide range of risks such as collision or piracy, and against raising, removal or destruction of wrecks etc. The sinking of a ship can also be covered.

Easy Documentation

Buying Marine Hull insurance is quick and easy. The sum assured for Hull and Machinery insurance is as per the agreed value, which is equivalent to or approximately the cost of the vessel to be insured.

Quick Guide to Hull Insurance

What is Hull Insurance?

A marine hull insurance is a policy specifically designed to provide coverage to vessels such as a boat, ship, yacht, tankers, fishing boat, cruises, etc. used for transportation using waterways. Hull refers to the body of the vessel. A hull insurance is a comprehensive insurance that allows the insurer to get coverage for their vessels against loss or damage to the hull, machinery, fittings against a lot of mutilations such as: ship-breaking risks, liabilities, disbursement risks, machinery breakdown risks, and a lot of such risks that a vessel can encounter while transporting goods via the waterways.

Features of Hull Insurance

  • The risks involved during an ocean travel such as damage to a ship, lost or sunk in fire, robbery, collision can cause tremendous loss to the fleet owner. A marine hull insurance protects from all such situations.
  • Such an insurance policy would also cover for the loss caused to other boats or ships by your vessel
  • Under this insurance you can opt to a specific voyage insurance or buy a comprehensive insurance valid for a year, depending upon the frequency of travel.
  • The sum assured in case of a marine hull insurance is mutually agreed upon by the insured and the insurer. It generally is equivalent or nearly the cost of the vessel.

Benefits of Hull Insurance

Below are some of the benefits of hull insurance.

All Types of Vessels Covered

  • Marine hull insurance policy covers a wide range of risks for all ships and vessels like ocean-going vessels, coastal and inland vessels, port craft and sailing vessels and their machinery
  • You can also get a marine hull insurance policy to cover damage to premium vessels such as yachts, cruise liners, etc.
  • This policy can also provide coverage to a vessel in dry docks
  • Damage to other vessels caused by the insured vessel is also covered under marine hull insurance.

All Risk Cover

  • Hull insurance is a comprehensive policy that covers all types of vessels against numerous risks such as fire, burglary and theft.
  • The policy will pay for the loss due to the negligence of crew, pollution hazard and loss of functional parts of the hull of the ship.
  • The total ascertained loss is covered based on actual, compromised or constructive losses.
  • This policy offers protection to your vessel during a voyage between ports and/or a round trip

Financial Protection

  • You can reduce the risk of suffering a financial loss as a marine vessel owner. This policy covers for loss or damage to the vessel - during a voyage, due to any maintenance activity or during installation of equipment at the dock or harbor.
  • Additionally, such a policy will pay for legal expenses, labor wages and maintenance and agency commissions in case of a loss. A marine hull insurance will pay 75% of collision liability in case there is a loss.
  • Extensions to this policy are also available. Third party liability, business interruption and terrorism cover can be added as extended benefits under a hull insurance.

Hull Insurance Coverage

Hull Insurance Coverages include cover for vessels and risks involved.

  • Loss or damage to ship due to fire, theft or burglary
  • Loss or damage to ship or vessel hull, including its equipment and machinery
  • Accidental damage to the carrier due to natural calamities such as earthquake, lightning, etc.
  • Third party-liability – damage caused to others’ ships or vessels by insureds’ carrier
  • Damage due to vessel’s maintenance activity
  • World-wide coverage for vessels going overseas

Note: This is just an indicative list. Your policy copy will have details of the inclusions.

Documents Required for Hull Insurance Policy in India

Below are the documents required by an insurance company in case of a claim in a hull insurance policy.

  • Duly filled and signed claim form
  • Copy of policy document
  • Log book for deck and engine room
  • Survey reports and photographs
  • Receipt of drydocking

Hull Insurance Policy Claim Process in India

The first step in claiming marine hull insurance is intimating the insurance company about the event as soon as possible. With us, this step is easy. Just drop an email to us at with the available documents such as photographs of the incident and policy copy and we’ll lodge your claim. After the claim is registered, the insurance company appoints a surveyor for inspection of the damage. Based on the surveyor’s report and insurance company’s requirements you’ll have to furnish additional documents. On receipt of the documents, and necessary approvals, your claim will be settled.

Frequently Asked Questions

A Marine hull insurance works by compensating the boat or ship owner in case the vessel gets damaged due to perils covered under the policy. This policy pays for any repairs or replacement done in the hull and machinery of the vessel due to any total or partial loss, hence offering financial protection to the boat owners.
Yes, hull insurance is a type of marine insurance that is specifically designed to cover for your ships or vessels transporting goods via waterways.
  • A cargo insurance covers for the goods and commodities in transit, while a hull insurance insures the hull of the vessel/ship and the machinery against damages.
  • Cargo insurance policy is bought to protect the goods transported via any means of transportation, i.e., air, water, road or rail. But a hull insurance policy is designed to specifically protect ships or vessels while movement via the waterways.
  • Insuropedia

    What is Hull Insurance?

    Hull insurance is an insurance policy especially designed for covering ship damage expenses, the ‘Hull’ refers to the main body of the ship. Hull insurance can be understood to be somewhat like a car insurance, with the difference being that it is meant for a water-faring vehicle instead being for of a land-faring vehicle.

    Hull insurance also includes any fixtures attached..

    Read More

    What is a constructive total loss in Marine Hull insurance policy?

    A constructive total loss in marine hull insurance means that the cost of repair of a damaged ship/vessel is more than the value of the ship/vessel.

    In a constructive total loss, the insured vessel is abandoned as its actual total loss appears to be unavoidable. Retrieving the ship from the place where it is abandoned...

    Read More

    What is Insurable Interest for Different Parties under Marine Hull Policies?

    The different parties which can take the cover under the Marine Hull Policies are as follows: Ship owners, Shipbuilders, charterers, bankers, financiers of Ships or vessels who have Insurable interest.

    Ship owner’s insurable interest: The marine hull policies cover the ship’s body or her ‘Hull’, also the ship’s machinery...

    Read More

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