Hull And Machinery Insurance
What is Hull and Machinery Insurance?
Hull and Machinery insurance is one of protection of you vessel its protect you from loss of financial arising from damage/loss of vessel, so does hull and machinery insurance provide physical damage protection for the ships or vessels and the machinery which is part of them.
Characteristics of Hull and Machinery Insurance
Although the most commonly insured vessels are those operating in the ocean or the sea, hull and machinery insurance can cover vessels that work in any kind of waterway, such as tugboats, barges, floating machinery, and even oil rigs which operate in coastal areas.
Hull and machinery insurance policies can be written to cover a single vessel or the whole fleet of a ship owner.
A deductible specified in the policy declarations is payable in the event of a hull and machinery insurance claim.
Type of H&M cover ( Terms & Cover)
1) ITC Hull 1.10.83 Clause 280 (All Risks / Comprehensive)
2) ITC Hull 1.10.83 Clause 284 – Total Loss, General Average and 3/4 Collision Liability (Including Salvage, Savage Charges and Sue and Labour)
3) ITC Hull 1.10.83 Clause 289 – Total Loss Only (Including Salvage, Savage Charges and Sue and Labour)
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