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Marine Hull Insurance

Marine Hull: Marine Hull Insurance Covers loss or damage to hull and machinery. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, cooler and electricity generation.

Types of Marine Hull Insurance policy:

  1. ITC (Institute Time Clause) This policy is commonly known as Comprehensive Coverage.
  2. TLO (Total Loss only) including Sue, Salvage and labour charge.

Additional Risk Covered on payment of additional premium War and Strike

Ship Builder liability: Ship builder’s policy has 2 section.

Section 1. a) Covers the hull and machinery of the Insured ship.

  • At the builder’s premises/ yards within construction port or place.
  • Include parts & materials that are at the specified construction, location and allocated to the ship under construction.
  1. b) Covers machinery while it is under construction at specified sub contractor’s premises within the construction.

Section 2. Covers machinery only at the builder’s yard within the construction port (Does not include other parts or materials to be built into the ship.)

Period of cover: Specified period of cover but terminated upon delivery to the owner.

  • Agreed value
  • Insured value = provisional +/-(%) subject to max adjustment of 125% of provisional value
  • Agreement of material alternation.

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