HULL AND MACHINERY, PROPERTY INSURANCE

– COVER PROPERTY OF VESSELS AGAINST DAMAGE AND LOSS –
hull and machinery insurance

Hull and Machinery

Hull and Machinery policy is suitable for all kind of vessels.

It is designed to cover the property of the ship against damage and loss of any kind such as a result of external events or mechanical problems related to its current operation.

freight interest insurance. hull and machinery

Freight Interest Insurance

Disbursements (Increased Value) or Freight Interest Insurance

An ‘amount’ insured in excess of the vessel’s sum insured, which is calculated to cover additional costs and expenses (including lost freight earnings) associated with the total loss of a ship.

personal accident insurance. hull and machinery

Crew Personal Accident

Personal Accident cover is specifically designed for ship’s officers and crew.

Often arranged in circumstances where the vessel is not entered with a P&I Club, or arranged under contract by owners or managers for the benefit of crew and their dependents.

loss of hire insurance

Loss of Hire

Loss of Hire policy protect a ship owner for daily loss of income arising from physical damage to the vessel in a wide range of situations. The paid-up capital is usually defined in advance in terms of the policy

Policy commonly cover the loss of income due to:

  • Damage to the vessel recoverable from the underlying hull & machinery cover.
  • Stranding of the vessel.
  • Physical obstruction preventing the vessel from leaving port (excluding ice).
  • Salvage or removal of damaged cargo.
  • Events giving rise to an allowance in General Average.
builder risk insurance. hull and machinery

Builder Risk

The Builder’s Risk insurance policy is suited to cover a vessel and its related property and materials from the beginning of construction to the end of building process with final delivery to the customer. Coverage can be placed either for the builder or the owner of the vessel and insures against physical loss or damage to the vessel.

It also cover collision liability and P&I exposures during sea trials and delivery.

In extension it can protect a ship owner from a delay in a vessel’s delivery as a result of a casualty during construction.

port authorities and terminal operator. hull and machinery

Port Authorities and Terminal Operator

Port Authorities and Terminal Operator Insurance policy are usually set up as a programme to protect a large range of third party.

It also cover authorities in charge of overseeing a port or terminal operation for physical loss and damage risks they might encounter

marina insurance, hull and machinery

Marina Insurance

Marina Packaged Insurance cover a range of liability and physical loss and damage risks met by marina operators or owners such as:

  • Commercial property
  • Inland marine floater
  • General Liability
  • Employee dishonesty
yacht insurance. hull and machinery

Yachting and Pleasure Sailing Insurance

Yacht insurance covers Hull and Machinery, as well as third party liability for yachts and pleasure craft with values up to $5 million.