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MARINE HULL INSURANCE

ABOUT

This policy provides financial security for ocean going vessels, fleets, coastal vessels, barges, tugs and toes, dredgers, floating power houses, boat houses, pleasure boats, yachts, passenger vessels, drilling vessels, fishing vessels, trawlers, rowing mechanised boats, supply vessels, divers, rescue boats, floating wharfs and jetties, etc. Vessels under construction are also covered. Vessel means hull and machinery

Coverage is for voyage or on annual basis, or defined period. Vessel means Hull and machinery – values need to be declared separately and agreed by insurer. Compensation is on agreed value basis in case of TL/CTL/PA, 3/4th collision liability, unrepaired damage. General average contribution and recoveries are applicable. Malicious damage, war perils, nuclear perils are excluded from coverage in this policy.

MARINE HULL INSURANCE

BENEFITS

  • Staggered payment of premium is allowed.
  • Sue and labour charges are covered and waiver of freight available.
  • Return of premium for cancellation, and for lay-up of vessels is permitted.

Add On Covers

  • Additional covers for freight and disbursements are available.
  • Held cover provision for extension insurance policy while the vessel is on high seas.
  • Personnel Accident cover for crew members, and cover for excess Protection & Indemnity liability are available.

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