Marine Hull Insurance – An Overview

Marine Hull Insurance provides coverage for loss or damage to ships, vessels, and other floating structures due to perils of the sea and related risks. This policy is crucial for shipowners, operators, and shipping companies who need to safeguard their marine assets against potential maritime hazards. At Fastzeal, we help you get the right protection for your marine fleet with competitive premiums and hassle-free claim assistance.

What is Marine Hull Insurance?

Marine Hull Insurance is a specialized policy designed to protect physical assets such as ships, tankers, trawlers, and barges against damages caused by marine perils like collision, sinking, fire, piracy, natural calamities, and accidents at sea. It also includes liabilities arising from damage to third-party vessels or ports.

Types of Marine Hull Insurance Policies

1. Time Policy

Covers the vessel for a specific period (usually one year), regardless of number of voyages.

2. Voyage Policy

Covers a single voyage from one port to another.

3. Mixed Policy

Combination of time and voyage cover.

4. Port Risk Policy

Covers vessels while they are in port for repairs or layup.

5. Builder’s Risk Insurance

Covers a vessel under construction or during sea trials.

What are the Benefits of Marine Hull Insurance?

1. Comprehensive Vessel Protection
Covers total or partial loss to hull, machinery, and equipment of the vessel.

2. Customizable Coverage
Plans can be tailored to include war risks, strikes, collision liability, salvage, and more.

3. Financial Security Against Marine Perils
Ensures that owners do not suffer huge financial losses due to sea hazards.

4. Coverage for Navigation and Port Risks
Protection during sailing as well as while docked at harbors or in dry docks.

5. Essential for Financing
Often required by banks and financial institutions for vessel loans and registration.

Eligibility Criteria for Marine Hull Insurance

• Ship/Vessel Owners

• Shipping Companies

• Charterers or Fleet Operators

• Commercial Fishing Enterprises

• Maritime Logistic Companies

• Vessel must be registered and seaworthy.
  
  

Documents Required for Marine Hull Insurance

• Vessel Registration Certificate
  
  

• Ownership Proof
  
  

• Photographs and Valuation Report
  
  

• Technical Details of Vessel (Year, Tonnage, Type)
  
  

• Inspection or Survey Report (if applicable)
  
  

• Past Claims History (if any)
  
  

• Route and Trading Area Details
  
  
  

Process to Apply for Marine Hull Insurance through Fastzeal

1. Visit Fastzeal Website: Navigate to Marine Hull Insurance section
   
   

2. Enter Vessel Details: Type, tonnage, value, usage, and navigation area
   
   

3. Choose Coverage: Select desired policy and add-ons
   
   

4. Upload Required Documents: For verification and assessment
   
   

5. Get Quotes & Compare: Evaluate offers from multiple insurers
   
   

6. Pay Online & Get Policy: Immediate issuance of policy via email
   
   
   

Key Features of Marine Hull Insurance

• Hull & Machinery Coverage

• Third-Party Collision Liability (Running Down Clause)

• Protection Against Fire, Explosion, Capsizing, Sinking, and Collision

• War Risk & Strikes Coverage (Optional)

• Salvage, Towage, and Sue & Labour Charges

• Coverage in Port, While Under Repair, or During Trials

• Annual or Voyage-Based Policy Options