Hull & Machinery Insurance offers comprehensive protection for your vessels, ensuring that your marine assets are covered against a wide range of risks. This insurance provides financial security for both the hull and its machinery (engines and essential equipment), safeguarding your operations against damage from accidents, weather conditions, or unforeseen events. Tailored policies allow for a customised approach, ensuring your vessel is protected based on its specific needs and operational environment. Whether you’re navigating local waters or operating globally, Hull & Machinery Insurance will provide the peace of mind you need to focus on your business while reducing the financial risks of repair or replacement.
Our policies are designed to mitigate potential losses, offering worldwide coverage for vessels, engines, and equipment. In the event of an accident or damage, our claims team will deliver fast, reliable support, helping you get back on course quickly. Trust our Hull & Machinery Insurance to safeguard your investment, protect your operations, and keep your assets safe with comprehensive, customisable protection.
Scope of cover
- Vessel’s hull, machinery and other equipment
- Salvage and salvage charges
- General average contribution
- Sue and labour
- Proportion of liability for collision with another vessel (3/4ths or 4/4ths)
Shipowners may choose cover to include
Increased Value
Increased Value insurance provides additional protection beyond the standard hull insurance for a vessel.
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When the vessel has been upgraded, or its value has increased over time due to improvements or market conditions, this insurance ensures that if the vessel is lost or damaged, the shipowner will receive compensation for its full, increased value, helping to safeguard investments made in the vessel.
Freight Interest Insurance
Marine Freight Interest Insurance is designed to protect the financial interest of the shipper in the event of cargo damage or loss during transit.
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It covers the cost of freight charges that are still payable if the goods are damaged or lost while being transported by sea. This insurance ensures that the party responsible for paying the freight doesn’t suffer a financial loss due to circumstances like accidents, theft, or damage during the shipping process, providing security for the freight costs regardless of the cargo’s condition.
Loss of Hire/Strikes Insurance
Marine Loss of Hire Insurance is designed to protect shipowners from the financial impact of a vessel being temporarily out of service due to damage or repair.
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If a ship is unable to operate and generate income for a specified period, this insurance compensates the insured for the lost earnings during that downtime. It typically covers the daily hire or revenue the vessel would have earned had it been operational, providing essential financial support while repairs are underway and the vessel is out of commission.
Mortgagees Interest Insurance
Mortgagee’s Interest Insurance protects the interests of a lender or mortgagee in a vessel, in case of damage or loss.
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When a ship is financed through a mortgage, the lender has a financial stake in the vessel. This insurance ensures that the lender’s investment is protected by covering any losses to the vessel’s value, compensating them if the ship is damaged, lost, or destroyed, even if the shipowner’s insurance doesn’t fully cover the mortgagee’s interests. It provides additional security to lenders in maritime transactions.
War Risks Insurance
Marine War Risk Insurance is a specialised coverage that protects vessels against risks associated with war, including acts of terrorism, piracy, and political violence.
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Unlike standard marine insurance, which covers general perils like storms or accidents, war risk insurance covers damages caused by events such as naval warfare, riots, or sabotage during a voyage. This insurance is essential for vessels operating in areas prone to conflict or instability, ensuring financial protection against losses resulting from war-related events that could disrupt shipping and trade.
Kidnap and Ransom Insurance
Marine Kidnap and Ransom Insurance is a specialised policy designed to protect shipowners, crew members, and businesses against the financial risks associated with kidnapping, hijacking, and extortion incidents at sea.
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If a vessel or its crew is taken hostage by pirates or criminals, this insurance covers ransom payments, as well as associated costs like crisis management, legal fees, and the safe return of the crew. It provides peace of mind for operators, ensuring they have the necessary resources to handle such high-risk situations while safeguarding both human and financial assets.
