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in marine hull policy, the subject matter for insurance is

QuestionsCategory: Asset (Fire) insurancein marine hull policy, the subject matter for insurance is
default avatarPlan Cover Staff asked 3 years ago
1 Answers

Best Answer

default avatarSrinivasan Mahadevan answered 3 years ago

Marine Hull Insurance offers protection to shipowners against loss of or damage to ships and related financial losses suffered including subsidiary interests, e.g., freight, disbursement, liabilities and other allied interests. This insurance primarily addresses two things:

  • Physical damage to a ship or a vessel. This can include fire damage, storms, and other perils.
  • Collision liability – In the event that your ship collides with another vessel and damages property and/or cargo in the process, this provision could protect you against legal liability.

Marine Hull insurance encompasses both tangible and intangible subject matters. Any of the following will be the subject matter:

  • Hull & Machinery of Ocean-going ships, Inland vessels, e.g. barges, tugs, Passenger launches; Dredgers; Sailing Vessels; Fishing Vessels & Trawlers, etc.
  • Construction and Shipbuilding risks;
  • Ship-breaking risks;
  • Freight and Disbursement;
  • Liabilities : Charterer’s liability, Ship Repairer’s liability;
  • Oil Drilling Rigs, offshore platforms and Construction risks;