Marine Hull Insurance provides coverage for vessels such as ships, boats, yachts and other seagoing vessels. It specifically covers the hull (body or frame of the ship) and protects against physical damage, loss and attendant liabilities that may arise during maritime operations.
Scope of Coverage
Marine Hull Insurance typically covers the following aspects related to the insured vessel
Cover Benefits
Marine Hull Insurance typically provides coverage for the following perils
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Maritime Perils
Includes risks such as fire, collision with other vessels or objects, stranding (running aground), sinking and grounding
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Additional Perils
May include coverage for latent defects in machinery, accidents during loading or discharging cargo and other specified risks
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Construction Risks
Some policies may extend coverage to vessels under construction, starting from keel laying (the beginning of construction) until delivery to the owners
Additional considerations
Coverage terms and conditions may vary based on
- The type and size of the vessel.
- The intended use of the vessel (e.g., commercial shipping, pleasure craft).
- The navigational limits (i.e., where the vessel will operate).
Ensure your maritime assets are adequately protected with Cannon General Insurance’s Marine Hull Insurance.