Page 419 - IC38 GENERAL INSURANCE

2. Marine Hull insurance

The term „Hull‟ refers to the body of a ship or other water transport vessel.

Marine hull insurance is done as per international clauses applicable across
different countries. Marine hull covers are essentially of two types:

a) Covering a particular Voyage: The set of clauses used here are called
Institute Voyage Clauses

b) Covering a period of time: Usually one year. The set of clauses used
here are called Institute (Time) Clauses

Information

Hull insurance also includes the following insurances:

i. Inland vessels such as barges, launches, passenger vessels etc.
ii. Dredgers (Mechanized or non-mechanized)
iii. Fishing Vessels (Mechanized or non-mechanized)
iv. Sailing Vessels (Mechanized or non-mechanized)
v. Jetties and Wharves
vi. Vessels in the course of construction

The ship owner has insurable interest not only in the ship, but also in the
freight to be earned during the period of insurance. In addition to freight the
ship owner has insurable interest in the amount spent by him in fitting out the
vessel, including provisions and stores. These expenses are termed
disbursements and are insured concurrently with the hull policy for a period
of time.

Important

Aviation insurance: A comprehensive policy is also available for aircraft which
covers loss or damage to the aircraft as also the legal liability to third parties
and to passengers arising out of the operation of the aircraft.

Test Yourself 10

Which branch of insurance offers cover against war perils?

I. Marine policies
II. Aviation policies
III. Both of the above
IV. None of the above

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