What is Marine Hull Insurance?
Marine Hull insurance also includes any fixtures attached to the hull of the ship as a functional part, into the definition of hull. Since the policy mostly applies to water going vessels, it is more popularly called Marine Hull Insurance, and is a part of marine insurance.
Benefits of Marine Hull Insurance:
- All Types of Vessels Covered
- All Risk Cover
- Financial Protection
Advantages of Marine Hull Insurance :
- A Marine Hull insurance policy provides complete protection to the hull and machinery of your vessel from loss or damage due to a range of perils like fire, explosion, robbery, collision and other ship-damaging risks.
- You have the flexibility to buy Marine Hull insurance to protect your ship or yacht either for a specific journey, or to cover your vessel for a specific period of time irrespective of its voyages, which is usually 12 months.
- A Marine Hull insurance policy can cover vessels that use inland waterways, against a wide range of risks such as collision or piracy, and against raising, removal or destruction of wrecks etc. The sinking of a ship can also be covered.
- Buying Marine Hull insurance is quick and easy. The sum assured for Hull and Machinery insurance is as per the agreed value, which is equivalent to or approximately the cost of the vessel to be insured.