Marine Hull and Machinery Insurance protects the insured vessel or fleet against physical damage caused by a peril of the sea or other covered perils while the vessel is in transit over water.
What is covered
- Hull & structure damage – Covers physical damage to the vessel’s body
- Machinery breakdown – Protection for engines, generators, and onboard equipment
- Perils of the sea – Losses from storms, waves, collision, and sinking
- Fire & explosion – Damage caused by onboard fire or explosions
- Collision liability – Legal liability for damage to other vessels (limited scope)
- General average contribution – Shared losses during emergency sacrifices at sea
- Salvage & rescue costs – Expenses incurred to save the vessel
Exclusions
- Wear & tear – Gradual deterioration or lack of maintenance
- Mechanical/electrical failure (standalone) – Unless caused by an insured peril
- War & political risks – War, strikes, terrorism (covered under separate policies)
- Illegal activities – Losses linked to unlawful operations
- Willful misconduct – Intentional damage by the owner or operator
- Unseaworthiness – Vessel not fit for voyage at departure
- Delay & loss of income – Financial losses due to downtime
- Nuclear risks – Radiation or nuclear-related damage
