Hull & Machinery
Hull & Machinery
- Hauler’s Liability
- Freight Forwarder’s Liability
- Marine Operator’s Liability
- Ship Repairer’s Liability
- Stevedores / Charter’s Liability
The Hauler’s Liability Insurance solutions are also named “Carrier’s Liability” from the owners of transport company. The owners of transport company holds responsibility to transport the goods of third party from one place to another safely without causing any damage to the goods. The designing insurance cover depends up on mode of operation, number of employees and company’s gross receipts. The liability limit is fixed per conveyance, and an aggregate limits & sub limits are other provisions; carrier’s operating efficiency, loss history and jurisdiction are other factors influence the terms of the policy.
- Hull & Machinery Insurance
- Time & Voyage
- Protection & Indemnity Clauses –Hulls
Value of Hull for insurance is the market value which is to be agreed or assessed by an independent marine surveyor. The factors taken into account for premium rating of a Hull depend on the following information:
- Type of Hull
- Fleet or Singleton
- Trade of the Vessel
- Ownership / Management
- Flag & Registry
- Valuation of the Vessel
- Past Loss History
- Insurance Conditions offered
Boats can be insured for an agreed value amount or on an actual cash value (market value) basis. Engines are usually insured for replacement cost. As water ways increasingly become congested, most marinas mandate that boats using their facilities carry their own insurance.
Removal or destruction of a wreck
The following extensions can also be considered on request but subject to additional premium and at terms & conditions agreed.
- Outboard motor dropping off or falling overboard
- Person affected
- Liability to or incurred by any person engaged in water skiing or aqua planning
- War and strikes risks
- Machinery damage
- Racing risks
- Inland transit risks
Premium rate for yachts and boats depend on age, construction, navigation, purpose of usage [private or commercial], passenger capacity, previous loss history etc.