Lat.: N +560 57` 20.17"
Long.: E +240 7` 3.45"

4A Baznīcas Street
Riga, LV-1010, Latvia

Registration number:
LV40003693065

Tel.: +371 67 830 730
Fax: +371 67 830 731
AOH: +371 28 688 777

Authorised and regulated by
The Financial and Capital Market
Commission (FKTK).

Company reference number
06.09.02/959

 

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Marine Hull PDF Print E-mail

Marine Hull insurance covers nearly everything that floats and moves, starting with rowing boat to huge ocean going tankers. Besides that, hull underwriters will not hesitate to insure non-propelled objects, which may occassionaly move such as floating docks, buoys, transshipment barges and even floating hotels. Furthermore we can say that vessels under conversion or construction are also dealt with by marine hull underwriters.

hull.jpgIn fact, there are many uniform conditions around the world and many alternatives how to insure your beloved ship, but let us outline the most widely known insurance covers, which your fellow shipowners are considering to have:

Hull & Machinery (H&M)

This is very basic of marine hull. Sceleton, if we may say so. This policy will cover your vessel, including hull, machinery, gear and equipment against loss or damage. Normaly you would be also entitled to claim for your ship's proportion of salvage, salvage charges, general average as well as wages and maintenance under your H&M policy, but you need to check your wording first.

Disbursements, Freight, Increased Value (IV)

Underwriters would normaly say that there is a big deal of difference between these insurances, but all in all, these are basicaly the same as you would be entitled to claim certain amount of money (which you have agreed beforehand with you underwriter friend) in excess of insured value of your vessel in case she will be a total loss, whatever actual or constructive.

Loss of Hire (LOH)

It goes without saying that you need some money to run your ship and you would expect some profit from her operation as well. Ok, but you would naturaly be left without income once your ship is not working, so that's why here is LOH insurance. This policy will compensate daily amount stated in your policy (again you have to agree it before) whilst your ship is under repairs following an accident covered under H&M insurance. Underwriters would normaly allow 14 days deductible before they open their wallets, but this still is nothing in case of reasonably serious damage.

Mortgagees' Interest Insurance (MII)

This policy would normaly be demanded by bankers (or, as we say, mortgagees). It protects the mortgagees' interest in the insured vessel in case H&M underwriters would refuse to settle a claim due to breach of warranty stated in H&M policy, e.g. H&M is allowing vessel to sail only within Baltic sea, but your vessel end up in collision in English channel - you hardly can expect you H&M underwriter to pay for it, but MII policy will protect mortgagees' interest anyway.

Builders' Risks

This is insurance for the vessel under construction. Cover is normaly against all risks of loss or damage to vessel whilt under construction or conversion and during trials and would include certain liability risks as well. This insurance is normaly taken by ship builders.

 

 

 
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