Marine Hull Insurance?

How the risk under Marine Hull Insurance is undertaken?

Marine Hull Insurance covers the loss or damage of ships. Hull insurance covers losses to the vessel itself from specified perils. Usually there is a provision that the marine hull should be covered only within specified geographic limits.

Just to add - Ocean marine contracts are written to cover four major types of property interest -
(1) the vessel or hull,
(2) the cargo,
(3) the freight revenue to be received by the ship owner, and
(4) legal liability for negligence of the shipper or the carrier.

MARINE INSURANCE

(a) Marine Cargo Insurance
Cover - Any loss or damage to goods in transit by rail, sea, road, air or post.
Owners or bankers of goods in transit/shipment can be insure. And the following can be insured:
➢ export and import shipments
➢ goods in transit by rail, sea, road, air or post
➢ goods carried by coastal vessels plying between the various ports within the country
➢ cargo transported by small vessels or country craft over inland waters
➢ goods moved from place to place by river transport

The policy covers loss/damage to the property insured due to:
➢ Fire or explosion; stranding, sinking etc.
➢ Overturning, derailment ( of land conveyance)
➢ Collision
➢ Discharge of cargo at port of distress
➢ Jettison
➢ General average sacrifice, salvage charges
➢ Earthquake, lightning
➢ Washing overboard
➢ Sea, lake, river water
➢ Total loss of package lost overboard or dropped in loading or unloading
➢War and SRCC is specifically covered

(b) Marine Hull Insurance
Cover - Any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels.
Owners or bankers of ships or vessels can be insured.
The various vessels that are covered under this policy are:
➢ Fishing Vessels
➢ Ocean Going Vessels
➢ Sailing Vessels
➢ Other Vessels
Cover the following risks:
➢ Fire or explosion; stranding, sinking etc.
➢ Overturning, derailment ( of land conveyance)
➢ Collision
➢ General average sacrifice, salvage charges
Exclusions:
➢ 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
➢ Insolvency or financial default of the vessel owner / operators / charterers
➢ War / civil war · Strike, Riot or Civil Commotion
➢ Any terrorist or person/s acting with political motive