Hull Insurance

 

Maldives is a tropical country which comprises of over 1900 coral islands. The population being scattered all over from North to South of the country and the fact that our economy is heavily dependent on fishing, has made sea transportation a necessity.

However our vessels do encounter numerous dangers while at sea, resulting in huge losses, both physical and financial. It is our objective to indemnify you against these losses.

Marine Hull Insurance is insurance on vessels against risks connected with its navigational operations. It covers damages to the boat, machineries and equipment’s.

This policy covers the loss or damages to vessel’s hull and machinery during their operation within the specified trading limits.
 

What are the types of cover?

Institute Time Clauses Hulls Total Loss

The policy covers Total Loss of the vessel insured against some perils in addition to salvage.
 

Institute Time Clauses Hulls Full Cover

The policy covers Partial and Total Loss (Actual Total Loss and ConstructiveTotal Loss) of the vessel insured caused by the following perils in addition to salvage.

  • Perils of the seas river lakes or other navigable waters
  • Fire, explosion
  • Violent theft by persons from outside the vessel
  • Jettison
  • Piracy
  • Breakdown of or accident to nuclear installations or reactors
  • Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harborequipment or installation
  • Earthquake volcanic eruption or lighting
  • And provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers
  • Accident in loading discharging or shifting cargo or fuel
  • Bursting of boiler breakage of shafts or any latent defects in the machinery or hull
  • Negligence of Master Officers Crew or Pilots
  • Negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
  • Barratry of Master Officers or Crew


Premiums

There is no specific amount fixed for the premium to be paid by the insured. It would vary depending on certain factors such as the age of vessel, the occupation, how hull is constructed etc.
 

What is required for the policy?

  • Completed Proposal form ( you can either email the proposal form)
  • I.D. Card copy
  • Vessel Registry copy
  • Safety certificate
  • Survey report if required
  • Photos if required (for scenarios where it is difficult to reach the place of incident for surveying)
  • Any other required documents ( eg:- Loadline, Passenger carrying or fishing permit certificate)


When making a claim

Notification should be given immediately without delay upon knowledge of any accident or any event which might give rise to a claim by following the steps below.

  1. Call 3300033 OR email to [email protected]
  2. Submit the relevant Claim Form
  3. Submit documents stated in the Claim Form
  4. Submit documents which may be advised separately


What are some of the key terms and conditions that I should be aware of?

  • Importance of disclosure – you must disclose all material facts that you know or ought to know; otherwise your policy may be invalidated.
  • You must check the coverage provided whether adequate for your protection and ensure all the warranties are complied with.
  • You must ensure that the sum insured adequately represents the current market value of the vessel after taking into the consideration the age, condition and wear & tear.
  • This insurance shall terminate automatically at the time of change of classification, ownership, flag or management, or charter on a bareboat basis unless the underwriters agree to the contrary in writing.


What other options are available? (Add-ons)

Passenger/ Crew liability Insurance

It covers loss of life, bodily injury and property damage of crews and passengers arising out of the operation of the insured vessel.

 

 

Next Steps?

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