Marine Hull Insurance
What is marine hull insurance?
Marine Hull and Machinery Insurance protects the insured vessel or fleet against physical damage caused by a peril of the sea or other covered perils while the vessel is in transit over water.
Key features:
Here are the key features
Comprehensive Coverage: Protects against physical damage to the vessel caused by accidents, natural disasters, fire, or collisions. Third-Party Liability: Covers legal liabilities arising from damage caused to third-party property or injury to third parties.
What it covers:
What does an ocean marine hull policy cover?
Ocean Marine Hull
Ocean marine hull coverage is specifically designed to address physical damage to your vessel, including damage from collisions, accidents, grounding, fires, sinking and other covered perils. In addition to the vessel’s hull, this coverage extends to the operating equipment and machinery on board.
Which loss is not covered by marine insurance?
Most marine insurance policies contain an exclusion for wear and tear—meaning damage that comes from ordinary use—typically includes deterioration from weathering, animals, and other effects of marine life over time. This type of vessel damage is generally not covered by marine insurance policies.
What are the exclusions for ocean marine insurance?
Employe riots, civil strikes, or commotions are excluded from coverage. Damages from acts of war are not covered. If you need parts repaired from damage that is excluded from hull coverage, it is not covered. Losses from shipping delays are often excluded.
Which type of loss is not insurable?
Some losses are simply impossible to value or too costly, too probable, or too susceptible to manipulation. These are known as uninsurable risks. For example, most errors and omissions insurance (E&O) policies won’t cover you if a client sues you for not paying a bill or for stealing a customer or employee.
