Corporate Insurance

Marine Hull

Highlights

Who can take the Policy?

Shipowners, charterers, shipbuilders, bankers, financiers of ships or vessels who have insurable interest.

Covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels.

Scope of Insurance Cover

All risks relating to

• Vessels,
• Floating Dry Docks,
• Jetties and Shipowners' Interests including Hull & Machinery (H&M),
• Freight,
• Disbursements,
• Increased Value,
• Premium Reducing,
• Excess Liabilities,
• Protection and Indemnity (P&I) Liabilities,
• Charterers' Liabilities,
• Charterers' Freight, Charterers' Hire and/or Disbursments,
• General Average Disbursments,
• Ship Repairers' Liabilities,
• Shipbuilding Risks,
• Shipbreaking Risks and other allied interests of whatsoever nature required to be insured in India.

What is covered?

• All types of Oceangoing vessels
• All type of Coastal/Inland vessels
• Yard and pleasure Crafts
• Port Crafts
• Shipbuilding- construction of vessel
• Ship Repairers' Liabilities
• Charterers Liabilities
• Breaches of warranties / voyage cover
• Freight- at -Risks insurance for voyages
• Dredgers
• Fishing vessels / Trawlers
• Sailing Vessels
• Jetties ( with or without cranes ), fixed pontoons/Pontoons Jetties, wharves etc.
• Shipbreaking

Perils/Risks

The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by:

• Fire, explosion
• Stranding, sinking etc.
• Overturning, derailment ( of land conveyance )
• Violent theft by persons outside the vessel.
• Collision
• General average sacrifice, sacrifice, salvage charges
• Jettisons
• Piracy
• Breakdown of or accident to nuclear installations or reactors
• Contact with aircraft or similar objects, or objects falling therefrom, land conveyance , dock or harbour equipment or installation.
• Earthquake volcanic eruption or lightning.
• Crew Negligence.

Comprehensive Port Package Policies:

Cover can be purchased by :

• Port Authorities
• Port / Terminal operators
• Private Jetty Owners

Scope of Comprehensive covers:

• Physical Damage
• Third Party Liability
• Business Interruption
• Terrorism
• Wreck Removal
• H & M Cover for Vessels

Oil & Energy Risk Insurnace Policies:

• Cover can be purchased by - Oil and Energy Industries.
• Scope of Comprehensive covers:
• Offshore / Onshore constructions / Erections ( Builders Risks )
• Production / Operation Cover - Well head platform/ process platform.
• Exploratory Drilling (Offshore - Jack Up Rigs, Drilling Rigs, Semi Submersibles etc. Onshore- Fixed Land rigs, Mobile Land Rigs, Work-over Land rigs)
• Seismic Survey
• Single Buoy Mooring ( SBM )
• Under water pipeline / Cable Insurance

Exclusions

The policy does not cover loss/ damage due to :

• Deliberate damage/destruction of the vessel by wrongful act of any person


• Use of any weapon of war employing atomic / nuclear fission and or fusion.


• Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.


• Insolvency or financial default of the vessel owner /operators /charterers


• War / civil war, Strike, Riot or Civil Commotion
• Any terrorist or person/s acting with political motive
• Confiscation, requisition, detention
• Blocking of sewers, drains
• Wear & Tear, deterioration
• Error in design, workmanship
• Mechanical / Electrical Breakdown

How to Claim

In the event of casualty likely to give rise to a claim

• Immediate notice to policy issuing office.
• Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident.
• Seek appointment of surveyor to inspect and assess loss.
• In case of theft please notify police.
• In case of fire assistance of fire brigade to extinguish fire.
• Appointment of adjuster in case of Oceangoing Vessels where necessary.
• All steps to minimise loss as prudent uninsured.

Documents Required

• Certified copy of note of protest by master
• Marine casualty form issued by M.M.D.
• Insured's report on occurrence.
• Survey Report
• Original Repair Bill, cash memo, Invoices
• Weather Report by Meteorological Dept.
• Affidavits filed by rescue vessels
• Certificate of survey for inland vessels
• Registry certificate
• Free board certificate
• Loadline certificate (where applicable )
• Status / copies of Mandatory certificates
• Notarized statements of master and chief engineer of the vessel.
• Log Book extracts (Engine & Deck )
• Crew list with details of competency certificates.
• Copy of Claim bill with supporting documents.

Note : Policy details given are indicative, not exhaustive. Please contact your nearest Arunaya office for further details.