What does “loss of hire” mean in marine hull insurance?

This term refers to business owners who rent their vessels. In case the ship damages for reasons not covered under the policy, the insurer covers the loss of income until the damage is fully repaired.

Is vessel covered if damage happens while it is docked?

Marine hull insurance provides effective coverage once it is purchased, irrespective of the geographical location, until its date of expiration.

What are the exclusions under Marine Hull Insurance?

Following are the exclusions of the marine hull insurance plan: The hull and machinery are subject to normal wear and strain Nuclear accidents Contamination with radioactive materials Vessel damage done on purpose Overloading of cargo Participation in hazardous activities Others specified in your policy document

What are the inclusions under Marine Hull Insurance?

Following are the losses and damages covered under the Marine Hull Insurance Plan: Destruction of hull Damage to machinery Disbursement losses Shop-breaking losses Fittings and freight

What is the policy duration for Marine Hull Insurance plan?

You can buy marine hull insurance for a specific time period or for a specific journey. This means policyholders can insure their ship or yacht for each voyage or purchase a comprehensive plan that covers your vessel for a specific period of time.

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Marine Hull Insurance

Marine Hull Insurance is a comprehensive policy designed to protect water transports such as boats, ships, yachts, and so on. The body of the transport is known as the “hull,” and this policy covers any loss or damage to it. Keep reading to find out features, benefits, and more about this plan in detail.

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What is Marine Hull Insurance?

Watercrafts are expensive, and any loss or damage that happens to the body of these transports can cause a financial burden. Marine hull insurance is specifically designed to protect vessel owners against this kind of loss and damage.

Policyholders can purchase marine hull insurance for a specific time period or journey. Therefore, you have the flexibility to insure your ship or yacht as per the duration of your voyage. There is no sum assured limit for purchasing marine hull insurance. Rather, the insurance company and the insurer can mutually decide the sum assured. Generally, it is equivalent to or approximately equal to the cost of the vessel in the issue. The premium for a marine hull insurance policy depends on numerous factors, including vessel type, age, cost, tonnage, trade limits, and so on.

Many general insurance companies provide marine hull insurance to secure your watercraft against loss and damage. So, compare different policies on the basis of coverage, sum assured, premium, inclusions, and exclusions to buy the best hull insurance policy.

Benefits of Marine Hull Insurance

Following are the benefits of purchasing a marine hull insurance plan:

Comprehensive Coverage: A marine hull insurance plan covers your vessel’s hull and machinery from loss or damage due to perils like fire, explosion, robbery, collision, and others.
Flexibility: Policyholders have the flexibility to customize their marine hull insurance policy tenure as per their specific voyage or journey.
Easy Purchase Process: Purchasing marine hull insurance plan is simple and easy. All you need to do is collect and submit some documents to the insurer and make a premium payment to secure your vessel against loss and damages.
Inland Vessel Protection: A marine hull insurance plan provides protection against inland waterway vessels against numerous damages, including collisions, piracy, and the raising, removal, or destruction of wrecks.

Frequently Asked Question

1
What does “loss of hire” mean in marine hull insurance?
This term refers to business owners who rent their vessels. In case the ship damages for reasons not covered under the policy, the insurer covers the loss of income until the damage is fully repaired.
2
Is vessel covered if damage happens while it is docked?
Marine hull insurance provides effective coverage once it is purchased, irrespective of the geographical location, until its date of expiration.
3
What are the exclusions under Marine Hull Insurance?
Following are the exclusions of the marine hull insurance plan:
- The hull and machinery are subject to normal wear and strain
- Nuclear accidents
- Contamination with radioactive materials
- Vessel damage done on purpose
- Overloading of cargo
- Participation in hazardous activities
- Others specified in your policy document
4
What are the inclusions under Marine Hull Insurance?
Following are the losses and damages covered under the Marine Hull Insurance Plan:
- Destruction of hull
- Damage to machinery
- Disbursement losses
- Shop-breaking losses
- Fittings and freight
5
What is the policy duration for Marine Hull Insurance plan?
You can buy marine hull insurance for a specific time period or for a specific journey. This means policyholders can insure their ship or yacht for each voyage or purchase a comprehensive plan that covers your vessel for a specific period of time.