Marine Hull Insurance policy provides complete protection to the hull and machinery of your vessel from loss or damage due to a range of perils like Fire, Explosion, Robbery, Collision and other Ship-damaging risks.
The policy can cover vessels that use inland waterways, against a wide range of risks such as Collision or Piracy, Removal or Destruction of wrecks etc. The sinking of a ship can also be covered.
An individual has the flexibility to buy Marine Hull insurance to protect his / her ship or yacht either for a Specific journey, or for a Specific period of time irrespective of its voyages, which is usually 12 months. Further the coverage to a vessel in dry docks is also available and can also be extended to Damage to other boats caused by the insured vessel is also available under hull insurance.
Protection and Indemnity (P&I) insurance is liability coverage for watercraft. It protects the insured from Liabilities, Bodily Injury, or Property Damage arising out of the use or ownership of declared vessels.
Marine kidnap for ransom & hijacking are the prominent threats to shipowners’ vessels and the crew who serve on them. Proper management against kidnapping or hijacking for ransom is essential to protect the life and well-being of the crew along with the assets on board.
The policy indemnifies against the Financial Loss that can arise when the crew or vessel is seized or detained for ransom. It further protects a shipowner against various costs associated that may not be covered under other insurance policy.