Hull Insurance

Features of Hull Insurance

The features of Hull Insurance, also known as Boat Insurance, are as follows:

• Coverage for Physical Damage: Shields the insured vessel from physical damage resulting from accidents like collisions, storms, and other unforeseen events.
• All-Risk Coverage: Encompasses all types of damage unless explicitly excluded in the policy, providing comprehensive protection.
• Agreed Value Coverage: Typically, the policy ensures coverage for a pre-agreed value of the vessel, established at the time of policy issuance.
• Salvage and Recovery: Provides financial protection for the expenses involved in rescuing and recovering the vessel after an accident or loss.
• Deductibles: Similar to other insurance types, hull insurance may include deductibles, representing the portion of the loss that the insured must bear.
• Optional Coverage: Some hull insurance policies may extend optional coverage for items such as personal effects, fishing equipment, and liability for damage to third parties.
• Premiums: The cost of hull insurance premiums varies based on factors like the vessel's value, age, and selected coverage limits.

Additionally, hull insurance accommodates diverse operational areas with policies tailored for Inland Water Vessels, Marine Vessels, Coastal Marine and Aviation Hull Insurance.

Benefits of Hull Insurance

Hull or Boat insurance stands as an indispensable safeguard for those navigating the seas, providing a range of advantages for vessel owners and operators: Some of the advantages of marine insurance are:

• Financial Safeguard: Hull insurance coverage acts as a financial buffer, shielding owners from the economic repercussions of vessel damages or losses by covering repair or replacement costs.
• Liability Protection: Beyond safeguarding the insured vessel, hull insurance extends coverage to liabilities arising from damages to other vessels or property, injuries to passengers, crew, or third parties, and the potential environmental impact through pollution.
• Peaceful Assurance: The presence of hull and machinery insurance offers a sense of security, reassuring vessel owners and operators that they are shielded from potential financial setbacks and legal liabilities.
• Regulatory Compliance: Shipowners often need hull insurance to comply with requirements from lenders and maritime regulators. It ensures they meet legal and contractual obligations, avoiding penalties or liabilities.
• Tailored Coverage: Marine Hull and Machinery Insurance policies are versatile, allowing for customization to align with the unique needs of each vessel owner or operator. This includes options for varying levels of coverage and deductibles, providing flexibility to suit specific circumstances.

What is Covered under Marine Hull Insurance?

Hull and Machinery Insurance covers the following:

• Harm to the vessel, including its machinery and equipment.
• Any harm resulting from theft and fires.
• Vessel damage caused by natural disasters such as lightning or typhoons.
• Liability to third parties due to damage inflicted on their ships.
• Unforeseen vessel damage during maintenance operations.
• Worldwide coverage for vessels navigating international waters.

What is Not Covered under Hull Insurance?

Marine hull insurance is a comprehensive policy, but certain cases fall out of the scope of the insurance. These cases are:

• Damage done to the vessel due to terrorist activities
• Overloading of goods
• Radioactive contamination
• Damage done due to nuclear activity
• Involvement in dangerous activities which may lead to hull damage
• Sailing the vessel in a sea storm after the issuance of a warning
• Damage done by the crew members under the influence of alcohol
• Intentional damage to the vessel
• Normal wear and tear of the hull and machinery

Claim Process under Hull Insurance

If there's an incident requiring a claim, here are the steps you should take:

• Step 1: Inform your relationship manager about the incident.
• Step 2: Fill out and submit the claim format they shared. 
• Step 3: The details shared by you will then be forwarded to the insurance company. Upon reviewing the details, they will register the claim and generate a claim reference number.
• Step 4: Once the claim reference number is generated, the insurance company will assign a surveyor. 
• Step 5: After the survey, the assigned official will give you a list of documents to submit.
• Step 6: Submit all the documents and wait for approval. 
• Step 7: After approval, the claim amount will be released by the insurance company.

Note: The insurer will thoroughly review the terms and conditions of your policy to assess the coverage applicability regarding the claimed incident. Consequently, the determination of claim acceptance or rejection will be at the discretion of the insurer.

Hull Insurance Claim Document Requirements

Upon the successful filing of a claim, the insurer will furnish a URN/claim number, facilitating document uploading and claim status verification. The following documents are essential for the claim process:

• Copy of insurance policy documents
• Surveyor report
• Copy of billing landing
• Claim bill
• Original invoice list with shipping specifications
• Copy of letters exchanged with carriers

*Utilize the URN/Claim number provided by the insurer for checking the claim status.

Why Buy a Hull Insurance Policy from Policybazaar for Business?

• Expert Advice: Our business risk consultant provides expert advice after understanding your needs and preferences.
• 365 Days Claim Assistance: Our claim experts are available 365 days to help you get your claims processed timely and without any hassle
• Dedicated Relationship Manager: You will be assigned a dedicated relationship manager who will be available full-time to assist you with any consultations needed to safeguard your business against insurable risks.
• Competitive Quotes from Leading Insurers: Our robust partnerships with insurers enable us to offer quotes from all major insurers, ensuring that you receive the best prices in the market along with excellent service.

Hull Insurance: Frequently Asked Questions