HULL AND MACHINERY, PROPERTY INSURANCE
– COVER PROPERTY OF VESSELS AGAINST DAMAGE AND LOSS –
Hull and Machinery
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
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.
Crew Personal Accident
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
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.
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
It also cover authorities in charge of overseeing a port or terminal operation for physical loss and damage risks they might encounter
- Commercial property
- Inland marine floater
- General Liability
- Employee dishonesty