Marine Hull Insurance – Advantage, Benefits, Coverage, Eligibility
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Advantages of Marine 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.

Benefits of Marine Hull Insurance

All Types of Vessels Covered

  • Marine hull insurance policy covers all types of ships and vessels like ocean-going vessels, coastal and inland vessels, port craft and sailing vessels and their machinery, from a wide range of risks.
  • The policy also covers damage to premium vessels such as yachts, cruise liners and other pleasure boats. Coverage to a vessel in dry docks is also possible.
  • Damage to other boats caused by the insured vessel is also covered under hull insurance.

All Risk Cover

  • Marine hull insurance is a comprehensive policy covering all types of vessels against various risks such as fire, burglary and theft. The policy will also pay for the loss due to the negligence of crew, pollution hazard and loss of fixtures attached, as functional parts, to 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 from one port or place to another or a round trip.

Financial Protection

  • As a ship or boat owner, you can reduce the risk of suffering a financial loss if your vessel is lost or damaged during a voyage, during installation of equipment at dock or harbour, or due to any maintenance activity.
  • The policy will pay for labour wages, legal expenses, maintenance and agency commission, and 75% of collision liability in case of loss.
  • Extensions like third party liability, business interruption and terrorism cover can be introduced in the policy.

Frequently Asked Questions

Marine Hull insurance protects vessels against damage and destruction of hull, machinery, fittings and freight. The range of risks such as fire or explosion, sinking, capsizing, derailment, burglary, jettisoning, piracy, earthquake, volcanic eruption or lightning is covered by the policy. Damage due to collision with other ships, aircraft or other vehicles on land or sea is also covered.
There are many additional extensions available like coverage to terrorism, business interruption and third-party property damage or bodily injury which can be included by paying some extra premium. Removal of debris and damage due to war, strike, riot and civil commotion can also be covered as an extension.
Marine hull and machinery insurance have certain common exclusions such as wreck removal, wear and tear, malicious damage, damage due to a nuclear attack or radioactive contamination and pollution. Damage due to willful or intentional activity is also excluded from the policy.
Yes, accidental damage to vessel caused due to earthquakes, volcanic eruption and lightning are covered by marine hull policy. However, remember that damage to the fishing vessels or other sailing ships in a sea storm after the issuance of a warning is not covered under the hull insurance policy.

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..

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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...

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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...

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