Comprehensive protection for vessels and machinery, covering physical damage, collision liability, and a range of marine perils for global shipping companies
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What Is Hull & Machinery Insurance?
Hull & Machinery Insurance protects ships and their machinery from physical damage caused by marine perils, accidents, and collisions. It covers single vessels or fleets, offering tailored solutions for shipping companies worldwide, ensuring financial security and operational continuity in the event of damage, loss, or liability arising from vessel operations.
Hull & Machinery Insurance covers physical damage to a vessel’s hull, machinery, and equipment caused by risks such as collisions, fire, theft, storms, and other marine perils. It can also include collision liability, protecting owners if their vessel damages another ship or its cargo. Coverage can be extended to fleets, tugboats, barges, and floating machinery.
The amount of business liability insurance required depends on the vessel’s value, operational risks, and legal requirements. Coverage limits can vary widely, often ranging from millions to over a billion dollars for commercial operations. A risk assessment by insurance specialists helps determine the appropriate coverage to ensure adequate protection against potential liabilities.
Hull & Machinery Insurance is not always mandatory but is highly recommended for vessel owners. It safeguards against substantial repair or replacement costs from accidents, natural disasters, or collisions. Without this coverage, owners face significant financial exposure, making it a crucial component for anyone operating commercial or private marine vessels.
Commonly Asked Questions
Hull & Machinery Insurance is available to ship owners, operators, charterers, and companies managing fleets of commercial or private vessels.
Yes, most policies provide global coverage, but specific navigational limits and exclusions may apply depending on the insurer and policy terms.
In case of an incident, notify your insurer immediately, document the damage, and cooperate with surveyors and adjusters to assess and process your claim.
Absolutely. Policies can be tailored to cover unique vessels such as offshore support ships, fishing boats, dredgers, and other specialized marine assets.
No, crew injuries are typically covered under separate policies like Protection & Indemnity (P&I) insurance, not under Hull & Machinery Insurance.
Yes, most policies include a deductible, which is the amount the insured must pay out-of-pocket before the insurance coverage applies.
Premiums are based on factors such as vessel type, age, value, trading area, maintenance history, and the owner’s claims record.
Yes, insurers often offer package solutions that combine Hull & Machinery with other coverages like War Risks, Increased Value, or Loss of Hire insurance.
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