Marine Hull cover is for ship owners / ship managers, who are exposed to various maritime risks. Under this cover, all types of floating assets can be covered, be they small fishing boats to huge oil tankers, cruise ships, barges etc. Some of the underwriters cover vessels which are under extensive repair / undergoing dry docking or under construction.
The covers generally required by the insurer are:
*Hull and Machinery Insurance
*Loss of Hire
*Builders’ Risks etc
The sum insured is the value of the hull, which is quantified by an independent and qualified marine surveyor. Insurance premium is generally based on the type of hull, the tonnage, past loss history, classification, insurance covers offered etc.