Marine hull insurance covers accidental loss or damage to boats used for commercial purposes; it includes salvage costs, and third party liability cover. Vessels insurance covers accidental loss or damage to the vessel anywhere in the agreed navigational limits set by the policy
Hull Coverage
Designed to pay physical damage losses caused to the vessel. Such loss or damage may be caused by fire, lightning, windstorm, hail, tornado, collision, sinking, and other perils identified by the policy
FEATURES OF MARINE HULL INSURANCE
- Marine hull Policies are time bound policies.
- These are issued as agreed value policies.
- These policies are not freely assignable. Consent of hull underwriters is essential.
- Basis of indemnity is
- Provision of new for old.( Clause 14 of ITC Hull Dated 1.10.83)
- In case of TL/CTL the full sum insured without deduction for normal wear and tear and without applying deductible excess.( Clause 12 of ITC Hull Dated 1.10.83)
- Sum Insured does not get reduced with the payment of partial loss claim -The total amount of successive partial losses may exceed the Sum Insured.
- Collision Liability is a supplementary Contract: -Cover for damage/loss to other vessel in addition to damage/loss to insured vessel. (Clause 8 of ITC Hull Dated 1.10.83)
- Sue and labor charges are paid in addition to the claim amount payable even if policy covers for T.L/CTL.( Clause 13 due of assured- of ITC Hull Dated 1.10.83)
- The survey fees is payable by Hull underwriters if it is later on found that the claim is within the deductible excess of the policy.
- Inland vessels are based on GRT.
- Ocean Going Vessels are rated based on GRT, BHP, and DWT.
- The insured is required to submit the valuation report for all the vessels at the time of:
- a. At the time of attachment of a new acquisition of the fleet.
- b. At the time of change in vessel’s sum insured for any reason whatsoever