Marine Hull

 

This section briefly explains the coverage of standard insurance lines which should be arranged by each policyholder in maritime industry, such as ship owners, shipyards, and charterers. For further details, or any inquiries, please feel free to contact us.

I Insurances Arranged by Ship Owners/Charterers/Management Companies

  Insurance Line Coverage
1 Hull & Machinery
Insurance (Time-risks)
Hull & Machinery Insurance covers the assured’s economic interest (capital value) in the ship and her equipment by covering total loss, cost of damage repairs, collision liability etc.
2 Hull War Risks Insurance Hull War Risks Insurance provides coverage for loss or damage due to war/capture/strike/piracy/etc., excluded in the Hull & Machinery Insurance policy.
3 Loss of Time (Hire)
Insurance
Loss of Time (Hire) Insurance indemnifies the ship owner for loss of profit or operating cost in consequence of loss or damage caused by a maritime accident.
4 Protection & Indemnity
Insurance
P&I Insurance covers liability assumed and expense incurred by the ship owner due to loss of life, bodily injury, and damage to cargo in respect of ship operation.
5 Port Risks Insurance This covers ships which have finished their navigation and are moored in the harbor or dockyard. Port Risks Insurance covers loss or damage to the ship rather than Hull & Machinery Insurance.

II Insurances Arranged by Ship builders/Repairers

  Insurance Lines Coverage
1 Builders’ Risks Insurance Builders’ Risks Insurance covers loss or damage to shipyard’s property whist under construction. The insured value is mainly contract value or estimated completed value of the ship.
2 Ship Repairer’s Liability
Insurance
This insurance provides the ship repairer with cover against liability to ordering party and third party for loss or damage to the ship in the course of repair work.
3 Ship repairs’ Risks
Insurance
This insurance covers loss or damage to the ship and repair/remodeling materials necessitated by such repair and remodeling work .
4 Advance Payment Guaranty Insurance for Ship Builder If a building contract falls into default as a result of the bankruptcy of the shipyard, this insurance covers the advance payments which the purchaser paid previously.

III Insurances Arranged by Charterers

  Insurance Lines Coverage
1 Charterers’ Liability
Insurance
This insurance is designed to provide a comprehensive protection & indemnity coverage for the Time-charterer and Voyage-charterer.
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