Scope of cover
The purpose of hull insurance is to cover ship owners various insurable interests and these include:
• Hull & Machinery Insurance
• Insurance of freight
• Builders Risk policy
• Loss of hire insurance
• Loss of profit Insurance
The Institute Time Clauses form the basis for most polices used for insurance of vessels and their machinery.
Policy Details
It is an agreed value policy
Premium
The premium will depend on the following factors:
• Type of vessel, trading limits, age, tonnage, technical aspects of machinery
• Management and ownership considerations
• Past claims experience
• Valuation of vessel
• Type of cover required
• Size of the deductible
Significant Exclusions
The exclusions will depend upon the type of cover availed and would be governed by Institute Time clauses and Institute Voyage clauses.
Excess
The policy will be subject to deductibles, which will depend of the type of cover, availed.
