MARINE INSURANCE SERVICES
Marine Hull & Machinery Insurance
Hull and Machinery Insurance Covers the loss and damages to the vessel’s shell and her machinery which are caused by maritime perils defined in various Institute Time and Voyage Clauses.

Time policies normally provide coverage for a certain duration which is mostly 12 months period. Voyage policies normally provide coverage from on place to another destination.
Intended User:
Ship owners

There are various Institute Time and Voyage clauses which describe the extent of cover. Some covers are wider than others. The ship-owners have a choice to get their vessels insured under following clauses.
  1. Cl.:280             Time – Hulls
  2. Cl:280B           Time – Hulls – Restricted Perils
  3. Cl:281              War and Strikes Hulls – Time
  4. Cl:284              Time – Hulls – Total Loss, General Average and 3/4ths Collision
                             Liability (Including Salvage, Salvage Charges and Sue and Labour)
  5. Cl:285              Voyage – Hulls
  6. Cl:286              Voyage – Hulls – Total Loss, General Average and 3/4ths Collision
                            Liability (Including Salvage, Salvage Charges and Sue and Labour).
  7. Cl:289              Time – Hulls Total Loss Only (Including Salvage, Salvage Charges ad                         Sue and Labore)
  8. Cl:290              Time – Hulls Disbursements and Increased Value (Total Loss only,
                            Including Excess Liabilities).
  9. Cl:311              Time Hull – Port Risks
  10. Cl:312              Time Hulls – Port Risks including Limited Navigation.
Coverage:

This insurance policy covers the following perils, loss and damages:

  1. Perils of the seas, rivers, lakes or other navigable waters.
  2. Fire and explosion.
  3. Violent theft by persons from outside the Vessel.
  4. Jettison.
  5. Piracy.
  6. Contact with land conveyance, dock or harbour equipment or installation.
  7. Earthquake, Volcanic eruption or lightning.
  8. Accidents in loading, discharging or shifting cargo or fuel.
  9. Bursting of boilers, breakage of shafts or any latent defect in the machinery or hull.
  10. Negligence of Master Officers, Crew or Pilots.
  11. Negligence of repairers or charterers provided such repairers or charterers are not an Assured.
  12. Barratry of Master Officers or Crew Contact with aircrafts, helicopters or similar objects, or objects falling there from.
  13. Provided that such loss or damage has not resulted from want of due diligence by the Assured, Owners, Managers or Superintendents or any of their onshore management.
  14. Salvage charges when general average is declared.
 
Exclusions:

Exclusions in this policy are given below:
  1. Removal or disposal of obstructions, wrecks, cargoes or any other thing.
  2. Any real or personal property or thing whatsoever except other vessels or property on other vessels.
  3. The cargo or other property on, or the engagements of the insured Vessel.
  4. Loss of life, personal injury or illnesses, pollution or contamination, or threat thereof, of any real or personal property or thing.
   
Comments:

This cover is available for ships of all kinds, barges, tugs, dredgers, fishing trawlers, yacht, pleasure boats, speed boats, off-shore oil rigs, etc. Including vessels for last breakup voyages to world over under tow/on power.
   
 
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