Hull & Machinery Insurance
Hull & Machinery Insurance protects ship owners against physical loss or damage to the vessel’s hull and machinery and everything connected therewith that constitute the ship itself.
Coverages:
- Vessel’s hull, machinery and other equipment
- Salvage charges
- General average contribution
- Sue and labour
- Proportion of Liability for collision with another vessel
- Loss of Hire
Three Basic Conditions:
1. Loss and damage
2. Total Loss and General Average
3. Total loss only
Hull & Machinery policy may also include additional coverages, such as:
- Increased Value Insurance
- Loss of Hire
- War Risks
- Fuel and Stores onboard
- Cash onboard
- Running Down Clause
- Fixed and Floating Objects
- Collision Liability: Proportion of Liability for collision with another vessel
- Strikes risks
Small General Average