Hull Insurance
Who needs Hull Coverage?
Ship owners and/or operators of inland and coastal vessels need commercial hull coverage. We also provides other hull coverage including Yachts, Charter Boats, Head Boats and Hull Builders Risk.
Commercial Hull Coverages
Brown Water Hull
The following are underwritten under brown water hull insurance:
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- Tugs
- Barges
- Dredges
- Dry-docks
- Passenger vessels
What is Covered?
The hull policy covers physical damage to the hull caused by fire, explosion, and other marine perils. It also covers damage to machinery and other equipment and apparatus installed on the vessel. Collision liability can be covered up to the value of the vessel. Additional coverage is available for excess collision liability and strikes, riots, and war risks.
Where do our customers come from?
Marine transportation companies, marine contractors, dredging companies and firms engage in waterfront activities, such as ship repairers and boat builders. We can also instruct an underwriter to come up with customized and suitable insurance cover to meet our client’s needs.
- Hull And Fishing Boats Insurance
Types of Covers available for those interested in obtaining insurance cover are Hull, Machinery, Voyage, Ship Builders Risk, Ship Repairs Liability, Protection & Indemnity Liability, Crew Liability, Passenger Liability. All hulls, machinery, other than fishing boats, are covered under Institute Clauses, which could be selected according to one’s requirements.
- Institute Time Clauses-Hulls
This clause covers total loss and partial losses against all risks. This policy is issued on a time basis, usually for a period of time, i.e. one year. The only exception is the voyage insurance policy which is for the duration of one voyage.
- Institute Time Clauses-Total Loss
This cover generally confines to small vessels where the Assured is prepared to pay for his own repairs and partial losses without reference to insurance. The cover is strictly limited to total loss of the insured ship and does not extend to cover collision liability.
- Institute Time Clauses-Port Risks:
The Port Risks Clauses among other risks mainly covers total and partial losses against specified perils and includes 3rd party protection and indemnity liability covers, collision liability or legal liability by way of damages for loss of or damage to any other vessel or property and legal liability for loss of life or personal injuries to 3rd parties. These clauses are used for insurance of vessels operating within the port-hence the name Port Risk Clauses.
- Builders’ Risks Clauses:
The Builders’ Risk Insurance becomes effective when a proposer wishes to insure vessels built and whilst under construction. The cover becomes effective from the time of the laying of the keel and terminates upon construction and finalization of trial runs. Like in other insurances, the Builders’ Risks Insurance Cover affords comprehensive coverage during all stages of constructions and also covers equipment at location. The proposer should declare the estimated turnover for the forward year of insurance when cover is required.
- Ship Repairs’ Liability:
Ship Repairs’ Liability is meant for those engaged in ship repair work and the insurer covers only the liability of the repairers towards the ship owner in respect of any loss/damage, which may occur to vessel whilst in the custody of the ship repairers, at his ship repairing yard.
- Institute Voyage Clauses
Institute Voyage Clauses as the name implies, cover vessels for one voyage between two ports. The cover is subject to a period of a given number of days necessary to complete the voyage and is held covered for total loss of the vessel.
What extensions to the above covers are available?
- War and Strikes, Riots and Civil Commotion Cover
- Terrorism Cover
- Passenger Liability Cover
- Crew Liability Cover
Settlement Of Claims
Hull
As in the case of cargo, loss/damage is intimated by letter. A surveyor nominated carries out damage survey, as well as inquiry as to how, when and where the loss/damage occurred. On hull risks where there is a large involvement of reinsurance, where terms and conditions have been advised by Reinsurers, documents are collected and referred to the Average Adjusters, for adjustment of the claim.
In regard to the Fishing Boats Insurance, survey/investigation and assessment of claims are carried out by an investigator from the Marine Department’s Panel of Investigators. The important documents here are, policy, receipts, invoices, damage repair bills and a report from the District Fisheries Extension Officer from the area the loss/damage had occurred.
Marine Cargo Insurance
What is Marine Cargo insurance?
Marine cargo insurance covers the risks of loss, damage, expense, and liability to your goods during transportation as cargo from one place to another place. For example, from a factory located inland to the seaport and then across the seas to the address of the buyer of your goods abroad.
The process of transportation includes airfreight, ocean freight and overland carriage. The marine cargo insurance is to indemnify the cargo owners and/or the financiers such as banks against financial loss arising because of physical loss, damage, expenses incurred or liability from the transportation process.