Marine Hull and Machinery Insurance

Marine Hull and Machinery Insurance

Our Marine Hull Insurance Policy offers comprehensive coverage for the hull and machinery of ocean-going and other vessels that navigate waterways, safeguarding them against a specified array of risks, including:

  • Fire
  • Explosions
  • Theft by external sources
  • Jettison
  • Earthquakes / volcanic eruptions / lightning
  • Bursting boilers, breaking shafts or any latent defect in hull and/or machinery
  • Accidents during loading / discharging / shifting of cargo or fuel
  • Negligence of master officers, crew & pilot

*Upon payment of additional premium, coverage can be obtained for war, strikes, terrorism, riots & civil commotion risks.

All Marine Insurances

Types of Hull & Machinery Insurance

  • Operational cover (partial & total loss)
  • Voyage cover (partial & total loss)
  • Ship builders’ risks
  • Ship repairers’ liabilities
  • Protection & indemnity liability
  • Pleasure craft cover

Freight Forwarders’ Legal Liability

Cargo Liability Insurance

  • Covers the freight forwarder’s legal liability for,
    • physical loss / damage to cargo, subject to specific terms and conditions.
    • contribution to general average and salvage costs, per policy terms and conditions.

Third Party Legal Liability Insurance

  • Provides coverage for legal liability to third parties arising from negligence, specifically for,
    • bodily injury.
    • physical loss / damage to third-party property.
    • consequential losses suffered by the third party, directly resulting from a claim.

Claims Expenses

  • Covers expenses incurred in investigating, adjusting, appealing or defending a claim made against the insured, provided that prior approval is obtained from the insurer.

Professional Indemnity Insurance Extension

  • Extends coverage to include legal liability for negligent errors / omissions by the insured, resulting in,
    • incorrect / wrongful delivery of cargo.
    • delays in handling.
    • failure to fulfil contractual obligations.

Fines & Duties Liability Insurance Extension

  • Covers fines, customs duties, sales tax, excise duty, value-added tax (VAT) or other penalties imposed on the insured (or authorised persons acting on behalf of the insured) for unintentional breaches of regulations, including,
    • import / export of cargo or carrying equipment not owned / leased by the insured.
    • immigration issues.
    • pollution incidents.
    • violations related to workplace safety conditions.

Benefits

Total Loss Cover

  • Total loss coverage for fishing boats.

Cargo Containers Cover

  • Coverage for both general and reefer cargo containers will be provided. (Yard cover ONLY.)

Multiple Options

  • This policy can be obtained for partial loss / total loss / constructive total loss.

Eligibility

  • Vessel should be in good condition and suitable for marine-intended purposes / voyages.
  • Policyholder must have an insurable interest on the asset.
  • Policyholder must be eligible to sign an insurance agreement as per Sri Lanka’s legislation framework.

*Terms and Conditions Apply

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