Marine Boat Insurance Guide

The following insurance coverage is required by the ship owner in its operations for using the ship as a means of transportation:

1 Hull and Machinery (H & M) insurance covers the ship’s whole hull, including its engines, boilers, fittings, and equipment.
2 Insurance with increased value or insurance payments.
3 Insurance for shipments.
4 Insurance for protection and indemnity

Machinery and Hull Insurance

Protect the shipowner from any physical damage to the ship, as well as providing assurances on the shipowner’s duties and responsibilities to third parties, such as in the event that the ship collides with another vessel, hits a pier, etc. Only the ship, its engines, boilers, and other equipment are covered by hull and machinery insurance.

Commonly, whole loss, partial loss (specific average damage), the contribution of general average, salvage, and liabilities to third parties are what are covered from loss.

Insurance with a Higher Value

Apart from losing his ship, the shipowner would also have lost abstract losses (intangible losses), such as the loss of “capacity” to generate money, if the ship suffered a complete loss. The crew will lose their employment as a consequence of the ship’s…