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There is no doubt that the owners of ships and boats who use their ships for transportation, whether for traveling people or goods, for recreation in the case of floating hotels, think and seek to secure their property and people alike, does Marine hull insurance provide them with what they seek?
Marine hull insurance provides protection to ship owners and owners, whether cargo ships, passengers, floating hotels, lanches, or yachts against any risk, damage, or loss resulting from fire or sinking that may be caused to the ship's hull and equipment, and the policy also covers three-quarters of the collision liability.
This type of insurance provides coverage against loss or damage to the hull of the vessel and other machinery, materials, and equipment including collision risks.
So let's find out more details about Marine hull insurance and is this type of insurance sufficient for the needs of ship owners. Here are the details
What are marine hull and machinery insurance?
Marine Vessel Insurance is an insurance policy specifically designed to provide protection coverage for water vehicles such as boats, vessels, yachts, fishing boats, steamers, etc.
Insurance provides financial protection in the event of any damage to the hull (hull) or machinery due to the risks covered by the policy.
Marine hull insurance protects the hulls of ships, machinery, or the insured fleet from physical damage caused by the danger of the sea or other risks covered while sailing ships over water, and covers losses or damage to goods during transport resulting from fire or collision hazards.
The Ship Insurance Policy covers marine risks arising from the navigation or related to the sea, sailing risks such as shipwrecks and collisions due to bad weather, and accidents such as fire, explosion, and theft.
Common risks covered by marine hull and machinery insurance policy
Of course, ships and yachts are exposed to risks due to being in the water all the time, so the Marine hull insurance policy guarantees you protection from:
The dangers of seas, rivers, and lakes.
Piracy and theft.
Deliberate throwing of objects into the sea to save the ship and what is on it.
Theft by people from outside the ship.
Ship collapse or injury to installations in an accident.
Collisions of aircraft or similar ships or land transport equipment or installations.
Coverage of accidents of loading, unloading, or transporting goods or fuel.
Covering the costs of boiler explosion breakdowns, shaft breaks, or any underlying malfunction of the machine or hull.
Negligence to which ships are exposed as a result of the negligence of the captain, officers, crew, or pilots.
Protection and coverage of negligence of repairers or tenants.
Marine liability insurance.
Damage to the hull of the ship or yacht including machinery and equipment.
Damage or loss to the vessel due to fire, burglary, or theft.
Accidental damage to the ship due to earthquakes, lightning, etc.
Damage to other boats as a result of collision by the insured vessel (third-party liability)
Damage to the ship during maintenance.
Global coverage for ocean-going vessels.
Damage to goods as a result of fires or collisions.
Who is eligible for Marine hull insurance
Private and public port operators.
What are the types of Marine hull insurance?
The types of Marine hull insurance policies are:
Securing ship hulls and machinery from marine hazards.
Cover and protect the hull.
Protecting the knife from the dangers of war.
Loss of rental income.
Hazards to which construction workers are exposed.
Civil liability – ship repairers.
How to complete the marine hull insurance claim process
In the event of any accident involving ships, you need to file claims for hull insurance, and the process of submitting insurance claims consists of:
Inform the insurance company about the event as soon as possible.
Provide loss details.
Submit the required documents
Upon receipt of the documents, if approved, material compensation will be provided in the required amount
Documents required for the claim process
The insurance company may require the following documents when applying for a claim:
Repair reports (if any).
Survey report and photos.
Any other data requested by the insurance company, as the case may be.
Exceptions under the marine hull insurance
Marine hull insurance is a comprehensive policy, but there are some cases that fall outside the scope of insurance, including:
Normal damage to the hull and machinery as the life of the ship increases.
Damage to the ship as a result of radioactive contamination.
Intentional damage to the vessel.
Engaging in hazardous activities that may result in hull damage.
Sailing the ship in a sea storm after exiting high temperatures.
Overloading of goods.
What are the conditions for Marine hull insurance?
There are some important points to consider while obtaining Marine hull insurance, namely:
The age of the vessel plays a major role in determining the insurance premium, so it is advisable to obtain insurance as soon as the vessel is purchased.
Be sure to get extra covers if you feel that the base cover is insufficient
Choose a higher amount to discount if you want to reduce the premium amount
File claims as soon as possible, when needed, in order to avoid any kind of delays or obstacles in the payment process
The premium will mainly depend on the type of vessel, trade limits, age of the vessel, vessel valuation, and size of discounts
Advantages of Marine Hull Insurance from Brokerage Insurance
Prokrugge Insurance is one of the best Marine hull insurance companies that you can trust with its insurance offers and more, so take a look at some of the advantages of obtaining hull insurance at Brokerage:
A marine hull insurance policy is an emergency seat belt, which protects you from the physical side in times of unwanted accidents.
Overcoming losses at work.
Insurance packages to suit your entire needs.
Available to respond throughout the week at any time during the day.