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Marine Hull Insurance in India

Marine hull insurance is an insurance policy that is specifically designed to cover ship damage expenses where the ‘Hull’ refers to the main body of the ship. Into the definition of hull, marine hull insurance also comprises of any fixtures attached to the hull of the ship as a functional part. Hull insurance being one of the major types of marine insurance policies available in the marketplace offers a wide-ranging loss or damage coverage on a vessel’s hull, equipments and machinery. Marine hull insurance gives the owner of a vessel a certain level of security and confidence in operating their ship/yacht on international waters. However, all vessel operators should acquire hull insurance as an additional protection measure.

Marine Hull Insurance Coverage

For all operational vessels, hull and machinery insurance is one of the most extensively required forms of marine insurance policies. Marine hull insurance online is primarily significant for certain factors where the onboard machinery or vessels hull and equipment are damaged, the vessel cannot operate and generate any form of income.
The level of risk-associated damage to the vessel can be considerably lowered as maintenance, repair and compensation etc are covered by obtaining the applicable hull and machinery insurance.
The major risks that are covered under hull and machinery insurance include the following. Also note that they are not limited to the following:
• Damages to hull, machinery and equipment onboard the vessel.
• Salvage and applicable charges.
• Dry docking expenses.
• Disbursement losses.
• Costs for marine surveys to assess damage of potential damage.
• Costs for collision defense and attacks.
• Legal costs and labor costs.
• Total loss in terms of actual or constructive loss of the vessel.
• Ship-breaking losses.
• Fittings and freight.
Marine hull insurance policies can also comprise third party liability, for example, it can cover the damages or losses caused by your vessels to other boats or ships, or injury to the ship workers.

Exclusions on Marine Hull Insurance Policy

Below is the number of risks that are not covered under marine hull insurance plans. Typical exclusions of marine hull insurance policy are:
• Willful misconduct.
• Ordinary leakage.
• Ordinary loss in weight or volume or ordinary wear and tear.
• Inadequate packing.
• Insolvency.

Important Note:
Vessel owners must acknowledge the fact that there are many risks and dangers involved when operating within the marine industry, and therefore it’s very important to seek the necessary marine hull insurance online to make sure the vessel is operational and protected at all times.
In general, the marine insurance market is a very competitive one. Thus it is advisable to go for the assistance of an online insurance broking company that acts as an introducer between you and a reputable marine insurance broker.
Thus,GIBL.IN does that job for you and helps you avail the best marine hull insurance policy in India. GIBL acts as an insurance broker and settles the matter with the marine insurance company on behalf of you. You can compare marine hull insurance quotes from different insurers in India at GIBL and buy the best marine hull insurance policy thereafter online instantly.