Page 20 - Marine Insurance IC67 EBOOK
P. 20
Marine Hull Policy
De-tariffing of Marine Hull Insurance Jetties and Shipowners' Interests including Hull &
Insurers are hereby advised that all classes of Machinery (H&M), Freight, Disbursements,
Marine Hull Insurance stand de-tariffed in respect Increased Value, Premium Reducing, Excess
of new business and renewals effective 1st April Liabilities, Protection and Indemnity (P&I)
2005. Liabilities, Charterers' Liabilities, Charterers'
Freight, Charterers' Hire and/or Disbursements,
As a consequence, these classes of insurance General Average Disbursements, Ship Repairers'
will come within the purview of the "File and Use" Liabilities, Shipbuilding Risks, Shipbreaking
regulations, as applicable to non-tariff products, of Risks and other allied interests of whatsoever
the Insurance Regulatory and Development nature required to be insured in India.
Authority, with effect from 1st April 2005.
(A) The policy covers perils of the seas,
-------------------------------------------------------------------- rivers, lakes or other navigable waters
This policy covers any loss or damage to ships, loss/damage to the property insured
tankers, bulk carriers, smaller vessels, fishing caused by :
boats and sailing vessels. This policy has been
designed for Shipowners, charterers, u Fire, explosion
Shipbuilders, bankers, financiers of Ships or u Stranding, sinking etc.
vessels who have Insurable interest. u Overturning, derailment ( of land conveyance )
u Violent theft by persons outside the vessel.
Coverage under the Policy u Collision
u All types of Oceangoing vessels u General average sacrifice, sacrifice, salvage
u All type of Coastal/Inland vessels
u Yard and pleasure Crafts charges
u Port Crafts u Jettisons
u Shipbuilding- construction of vessel u Piracy
u Ship Repairers' Liabilities u Breakdown of or accident to nuclear
u Charterers Liabilities
u Breaches of warranties / voyage cover installations or reactors
u Freight- at -Risks insurance for voyages u Contact with aircraft or similar objects, or
u Dredgers
u Fishing vessels / Trawlers objects falling therefrom, land conveyance ,
u Sailing Vessels dock or harbour equipment or installation.
u Jetties ( with or without cranes ), fixed u Earthquake volcanic eruption or lightning.
u Crew Negligence.
pontoons/Pontoons Jetties, wharves etc.
u Shipbreaking Exclusions
The policy does not cover loss/ damage due to :
Scope of Insurance Cover u Deliberate damage/destruction of the vessel
All risks relating to Vessels, Floating Dry Docks,
by wrongful act of any person
u Use of any weapon of war employing atomic
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