Prudent Insurance Brokers

Marine Hull Insurance

Marine hull insurance covers the physical damage to any kind of vessel, whether it is operated on the seas or on fresh water, such as rivers and lakes. Hull insurance is also often combined with machinery insurance covering the different types of machinery that can be in or on a vessel such as engines, generators, specialized equipment and cranes. Hull & Machinery insurance also covers the costs of salvage and general average, as well as liabilities to third parties involved in a collision.

Key Policy Features

Agreed Value or Market Value Basis

The sum insured is either agreed upon at policy inception or based on the market value of the vessel at the time of loss.

Deductibles

Applicable per event or per claim, depending on the nature of the loss.

Worldwide Coverage

Subject to trading warranties and navigational limits defined in the policy.

Institute Clauses

Most Marine Hull policies incorporate standardized clauses such as Institute Time Clauses – Hulls (ITC-Hulls) or American Hull Clauses.

Types of Vessels Covered

Commercial vessels (cargo ships, tankers, bulk carriers)
Passenger vessels (ferries, cruise ships)
Fishing boats
Offshore supply vessels (supply ships, dredgers, tugs, barges)
Yachts and pleasure craft