Hull & Machinery
Hull & Machinery insurance is fundamental protection of a vessel against damage. The vessel, including her machinery and equipment, is (re)insured to her full value and, depending on the chosen cover, the following risks may be indemnified:
- Total loss (actual or constructive) or expenses that might be incurred in repairing / replacing damaged parts of hull, machinery and other equipment
- Expenses paid for prevention, minimizing of damages or calculation of loss, in case such expenses are caused by an insured peril
- General Average contribution
- Salvage expenses
Apart from the risks above Hull & Machinery policy may also include additional cover, such as:
- Increased Value Insurance: (also called Freight Interest Insurance) is a cover designed to (re)insure additional 20% over the Insured Value of the vessel in case of total loss. Indemnity paid under Increased Value Insurance policy will also protects the Shipowner against loss of freight.
- Loss of Hire: Loss of Hire (Re)Insurance will cover loss of income as a result of a claim recoverable under Hull and Machinery (Re)insurance. Sum insured is agreed on a daily compensation that equals to the actual average income of the Shipowner.
- War & Strike Risks: Hull & Machinery (Re)Insurance does not normally include cases of damage to a vessel caused by hostilities, civil commotions, sabotage, terrorism, arrest, seizure etc. These risks are covered by War Risks (re)insurance. War Risks (re)insurance is especially important for a vessel operating in dangerous waters.
We at Intl. Broking Solutions, Corp (IBSCorp) provide Hull & Machinery (Re)Insurance expertise and solutions for all types of ships and vessels and their equipment, including but not limited to:
|Oil & Gas tankers
||Tugs and barges
||Offshore energy support
IBSCorp have established relationships with highly trusted (Re)insurers to provide a complete service from risk placement to an expert claims handling service and for all types of blue and brown water established shipping companies and shipyards. With extensive knowledge of international markets to manage the largest of marine risks we can provide tailor-made policies for each of your clients, whether single vessels or large fleets, including identification of relevant risk and subsequent coverage options for the hull, equipment, engines and machinery, including (beside above):
| Collision liability risks
| Voyage/Tow (including break up)
||Freight – annual or per voyage
Please contact us for discussions regarding the parameters of cover needed