Marine Hull Insurance
Marine hull insurance policy taken by shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels who have Insurable interest.
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.
- General average sacrifice, sacrifice, salvage charges
- 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.
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
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.