Who needs Hull Coverage?
Ship owners and/or operators of inland and coastal vessels need commercial hull coverage. IGI also provides other hull coverages including Yachts, Charter Boats, Head Boats and Hull Builders Risk.
Commercial Hull Coverages
IGI writes brownwater hull insurance for the following:
- Passenger vessels
What is Covered?
The hull policy covers physical damage to the hull caused by fire, explosion and other marine perils. It also covers damage to machinery and other equipment and apparatus installed on the vessel. Collision liability can be covered up to the value of the vessel. Additional coverage is available for excess collision liability and strikes, riots and war risks.
Where do our customers come from?
Marine transportation companies, marine contractors, dredging companies and firms engage in waterfront activities, such as ship repairers and boat builders. At IGI we can custom-tailor a program of coverages to meet our customers' needs.
Hull And Fishing Boats Insurance
Types of Covers available for those interested in obtaining insurance cover are Hull, Machinery, Voyage, Ship Builders Risk, Ship Repairs Liability, Protection & Indemnity Liability, Crew Liability, Passenger Liability. All hulls, machinery, other than fishing boats, are covered under Institute Clauses, which could be selected according to one's requirements.
- Institute Time Clauses-Hulls
This clause covers total loss and partial losses against all risks. This policy is issued on a time basis, usually for a period of time, i.e. one year. The only exception is the voyage insurance policy which is for the duration of one voyage.
- Institute Time Clauses-Total Loss
This cover generally confines to small vessels where the Assured is prepared to pay for his own repairs and partial losses without reference to insurance. The cover is strictly limited to total loss of the insured ship and does not extend to cover collision liability.
- Institute Time Clauses-Port Risks
The Port Risks Clauses among other risks mainly covers total and partial losses against specified perils and also includes 3rd party protection and indemnity liability covers, collision liability or legal liability by way of damages for loss of or damage to any other vessel or property and legal liability for loss of life or personal injuries to 3rd parties. These clauses are used for insurance of vessels operating within the port-hence the name Port Risk Clauses.
The Builders' Risk Insurance becomes effective when a proposer wishes to insure vessels built and whilst under construction. The cover becomes effective from the time of the laying of the keel and terminates upon construction and finalization of trial runs. Like in other insurances, the Builders' Risks Insurance Cover affords comprehensive coverage during all stages of constructions and also covers equipment at location. The proposer should declare the estimated turnover for the forward year of insurance when cover is required.
Ship Repairs' Liability is meant for those engaged in ship repair work and the insurer covers only the liability of the repairers towards the ship owner in respect of any loss/damage, which may occur to vessel whilst in the custody of the ship repairers, at his ship repairing yard.
Institute Voyage Clauses as the name implies, cover vessels for one voyage between two ports. The cover is subject to a period of a given number of days necessary to complete the voyage and is held covered for total loss of the vessel.
What extensions to the above covers are available?
- War and Strikes, Riots and Civil Commotion Cover
- Terrorism Cover
- Passenger Liability Cover
- Crew Liability Cover
How can a person obtain Hull Insurance?
To obtain any of those covers, complete our proposal form for Hull & Machinery and send it to us and we shall provide you with a quotation backed by Worldwide Reputed Reinsurer. A valid valuation report and a certificate of seaworthiness have to be produced prior to commencement of risk.
How can a person obtain Fishing Boats Insurance?
To obtain any of these covers, complete our proposal form for Fishing Boats and send it to us, we shall provide you with a quotation. A valid valuation report and a certificate of seaworthiness have to be produced prior to commencement of risk.
Settlement Of Claims
As in the case of cargo, loss/damage is intimated by letter. A surveyor nominated by our office carries out damage survey, as well as inquiry as to how, when and where the loss/damage occurred. On hull risks where there is a large involvement of reinsurance, where terms and conditions have been advised by Reinsurers, documents are collected at this end referred to the Average Adjusters, for adjustment of the claim.
In regard to the Fishing Boats Insurance, survey/investigation and assessment of claims are carried out by an investigator from the Marine Department's Panel of Investigators. The important documents here are, policy, receipts, invoices, damage repair bills and a report from the District Fisheries Extension Officer from the area the loss/damage had occurred.