Marine Hull Insurance
Marine hull insurance policy is taken by shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels who have Insurable interest.
Perils/Risks Covered:
- The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by:
- Fire, explosion
- Stranding, sinking etc.
- Overturning, derailment (of land conveyance)
- Violent theft by persons outside the vessel.
- Collision
- General average sacrifice, sacrifice, salvage charges
- Jettisons
- Piracy
- Breakdown of or accident to nuclear installations or reactors
- Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation.
- Earthquake volcanic eruption or lightning.
- Crew Negligence.
Exclusions:
The policy does not cover loss/ damage due to:
- Deliberate damage/destruction of the vessel by wrongful act of any person
- Use of any weapon of war employing atomic / nuclear fission and or fusion.
- Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
- Insolvency or financial default of the vessel owner /operators /charterers
- War / civil war, Strike, Riot or Civil Commotion
- Any terrorist or person acting with political motive
We handle highly specialized and highly technical Insurances on behalf of our clients and place the same with Insurance Companies of repute. These Insurances include:
- Hull & Machinery Insurance of the Ships
- Oil & Energy Insurance
- Ports Insurance
We also arrange reinsurance in respect of above when so required by Insurance Companies.
Having a team of veterans and experts from the industry, we provide comprehensive solutions for:
- Hull & Machinery, IV Freight, covers for Ocean going vessels, Inland vessels, Coastal Vessels etc.
- Ship Builders Risk Insurance
- Ship Repairers Legal liability
- Charterer’s Liability covers for charterers
- War Risk Insurance and War Risk breach covers
- Voyage and towage covers
- Protection and Indemnity covers
- Piracy
- Port and Terminal Operators
- Single Point Mooring (SPM) Buoys
- Obtain maximum coverage at competitive premiums.
In respect of both Hull and Cargo, we provide specialized risk solutions to Insurers to get maximum reinsurance coverage and also organize warranty surveys and claim surveys. Our service also extends to providing direct clients and insurers in respect of complex and difficult-to-handle Claims.
Who are our clients?
Our clients include the following:
- Ship-owners, Ship Managers, Charterers Owning/ Managing / chartering the ships Clients engaged in onshore / offshore
- Oil & Energy related business
- Port owners / Port Managers
In our endeavour of providing proper guidance to clients in securing the widest possible coverage We render following major services:
- Carry out Portfolio Analysis by studying the existing policies for possible improvement in coverage and terms
- Make presentation to the Management & Team of clients on the Insurance coverage and technicalities involved to educate the clients on “Dos” and “Don’ts” as per policy terms/requirements
- Secure the best possible premium rates from the Insurance Companies for clients by generating competition
- Assist clients in selection of quality Insurer at the most competitive pricing
- Guide clients on their operations and securing desired covers relating to chartering of vessels with reference to Charter Party Agreements
- Organizing condition and valuation surveys by IRDA approved Surveyors for clients as per Insurer’s requirements under the policy
- Remind about payment of Installment premium amounts on or before due date to secure continuity of cover
- Assist clients in securing the settlement in the event of any fortuity giving rise to claim under their policy
Safeguarding Seafaring Assets
Marine Hull Insurance is essential for shipowners to protect their significant investments in vessels. It ensures financial stability by covering repair or replacement costs in the event of accidents or damage, allowing for the continued operation of maritime assets.
