Hull insurance
This policy especially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Hull insurance can be understood like car insurance, with a difference of being for a water faring vehicle instead of land.
It covers all types of vessels operating into the oceans, lakes, or rivers like bulk carriers, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs.
Main Coverage:
- Destruction of hull
- Damage to machinery
- Disbursement losses
- Ship-breaking losses
- Fittings and freight
Add-On Covers:
- Third Party Property damage or bodily injury cover
- Business Interruption
- Terrosim
- Removal of debris
- Damage due to war, strike, riot and civil commotion
Exclusions:
- wreck removal, wear and tear, malicious damage
- damage due to a nuclear attack
- radioactive contamination and pollution
- Damage due to wilful or intentional activity
