Marine Hull Insurance
Marine hull insurance policy 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
Claim Intimation:
In the event of casualty likely to give rise to a claim
- Immediate notice to policy issuing office.
- Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident.
- Seek appointment of surveyor to inspect and assess loss.
- In case of theft please notify police.
- In case of fire assistance of fire brigade to extinguish fire.
- Appointment of adjuster in case of Oceangoing Vessels where necessary.
- All steps to minimize loss as prudent uninsured.