0303 Marine Insurance Products

Written by Administrator

Thursday, 19 March 2009 07:53

0303 Marine Insurance Products It is vital that you insure your vessel to protect your investment. Whilst you are free to choose insurers, do consider the options very carefully. It is advisable to insure your boat with a recognized marine insurance company. Al Mulla provides the coverage you need.

H&MThe main purpose of Hull and Machinery cover is to comfort the ship-owner with an expectation of status quo regarding a vessel’s operational ability during a maritime enterprise. Since marine perils are a risk that the ship-owner assumes each venture, the ship-owner takes out Hull and Machinery cover to protect against them.

Type of covers:

1.Clause 280: All Risks or full navigational perils

2.Clause 284:Total Loss + GA and ¾ Collision Liability

3.Clause 289:Total Loss Only

Smaller Vessels & Brown water Smaller vessels, including those engaged in brown-water trade (i.e. rivers, coastal areas) may not be entered into a P&I Club. The vessel owners' liabilities may be insured by the hull insurers under "Port Risk" conditions, which provide similar benefits to the Clubs, but excluding certain crew claims and employer’s liability.

Hull and Machinery (H&M)Hull & Machinery policy is the mainstay of Marine Insurance, covering damage to the hull, machinery and equipment installed on the vessel. It is a physical damage policy designed to cover physical loss or damage arising from a marine peril, and will include recovery actions, and all other events associated with a physical loss at sea.

The policy is adapted to the requirements and fleet profile of the Ship-owner concerned, and will address levels of deductible, individual vessel valuation, any increased value, and will specify the extent of the cover afforded, whether ‘All Risks’ or ‘Limited Conditions’ or ‘Total Loss Only’ cover.

Protection and Indemnity (P&I)Ship-owners’ liabilities other than for collision are frequently insured in mutual entities known as Protection and Indemnity Associations (P&I Clubs). Protection and indemnity (called P & I) insurance protects the vessel owners against their liability for damage to cargo in their care and custody; death or injury to passengers, crew, cargo loaders, and others; damage caused to piers, docks, underwater cables, and bridges; and, more recently, damage caused by pollution. The terms and conditions of the policy can be extended, limited, excluded, modified or changed upon the request of the client.

Yacht InsuranceThe Yacht Policy covers pleasure craft, such as yachts, motorboats and sailboats. It is written to cover both the property (boat, and contents) and its liability for collisions or injuries. Yacht insurance generally covers any watercraft that is around 26 feet. Generally "boats" are considered to be 26' and smaller, and "yachts" are 27' and larger. Yacht coverage is usually broader and more specialized because larger boats travel further and have more unique exposures. If you own a larger boat you must look into purchasing yacht insurance along with the optional "all risk" coverage which covers machinery, furniture, navigational equipment and all gear that is used for the boat's operation and maintenance.

Additional InformationPlease find additional information in our folder, or contact us directly Al Mulla Insurance Brokers constantly striving to perfect our services

Last Updated on Thursday, 19 March 2009 08:07