Marine Hull and Machinery Insurance

Marine Hull and Machinery Insurance

Our Marine Hull Insurance policy offers comprehensive coverage for the hull and machinery of ocean-going and other vessels that navigate waterways, safeguarding them against a specified array of risks, including:

  • Fire
  • Explosions
  • Theft by external sources
  • Jettison
  • Earthquakes / volcanic eruptions / lightning
  • Bursting boilers, breaking shafts or any latent defect in hull and/or machinery
  • Accidents during loading / discharging / shifting of cargo or fuel
  • Negligence of master officers, crew & pilot

*Upon payment of additional premium, coverage can be obtained for war, strikes, terrorism, riots & civil commotion risks.

All Marine Insurances

Types of Hull & Machinery Insurance

  • Operational cover (partial & total loss)
  • Voyage cover (partial & total loss)
  • Ship builders’ risks
  • Ship repairers’ liabilities
  • Protection & indemnity liability
  • Pleasure craft cover

Freight Forwarders’ Legal Liability

Cargo Liability Insurance

    • Covers the freight forwarder’s legal liability for,
    • physical loss / damage to cargo, subject to specific terms and conditions.
    • contribution to general average and salvage costs, per policy terms and conditions.

Third Party Legal Liability Insurance

    • Provides coverage for legal liability to third parties arising from negligence, specifically for,
    • bodily injury.
    • physical loss / damage to third-party property.
    • consequential losses suffered by the third party, directly resulting from a claim.

Claims Expenses

  • Covers expenses incurred in investigating, adjusting, appealing or defending a claim made against the insured, provided that prior approval is obtained from the insurer.

Professional Indemnity Insurance Extension

    • Extends coverage to include legal liability for negligent errors / omissions by the insured, resulting in,
    • incorrect / wrongful delivery of cargo.
    • delays in handling.
    • failure to fulfil contractual obligations.

Fines & Duties Liability Insurance Extension

    • Covers fines, customs duties, sales tax, excise duty, value-added tax (VAT) or other penalties imposed on the insured (or authorised persons acting on behalf of the insured) for unintentional breaches of regulations, including,
    • import / export of cargo or carrying equipment not owned / leased by the insured.
    • immigration issues.
    • pollution incidents.
    • violations related to workplace safety conditions.

Benefits

Total Loss Cover

  • Total loss coverage for fishing boats.

Cargo Containers Cover

  • Coverage for both general and reefer cargo containers will be provided. (Yard cover only.)

Multiple Options

  • This policy can be obtained for partial loss / total loss / constructive total loss.

Eligibility

  • Vessel should be in good condition and suitable for marine-intended purposes / voyages.
  • Policyholder must have an insurable interest on the asset.
  • Policyholder must be eligible to sign an insurance agreement as per Sri Lanka’s legislation framework.

*Terms and Conditions Apply

Navigate securely with Hull & Machinery protection

Shield your vessel and systems from perils at sea adaptable cover across hull, machinery and operational risks.

Apply Now

Or drop us an email with any questions you have