- Oil, Gas and Energy
- Marine and Aviation
- Contigency
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Marine Hull Insurance is for the Insurance of Marine Vessels. It covers the body and machinery of the vessels as well as liability that may arise from the use of such vessels.
There are different standard covers available. These include the Institute Time Causes -Hull for the insurance of the hull and machinery as well as some liability covers – for a specified time; Institute Voyage Clauses Hull – for specified voyage; Institute Fishing Vessel Clauses – for the insurance of Fishing Vessels. There are also other clauses for war, strike, freight, excess liabilities, total loss only, protection and indemnity covers, etc.
The proposer decides the type of cover needed and the sum, and/or limit of liability applicable.
- This type of Insurance covers importation exportation of goods. It can be arranged on ‘per consignment' basis or on ‘open cover' basis. The open cover basis is for a client that imports or exports from time to time. In this case the terms for the Insurance are agreed in advance under an open cover policy and the client makes declaration of each transit each time a consignment is to be transported. A certificate is then issued in respect of the particular consignment, this may also be accompanied by a policy. Under the ‘per consignment' basis of insurance there is no standing agreement and each consignment is treated separately.
- There are two main standards of Insurance Cover. These are the Institute Cargo Clauses (A) and the Institute Cargo Clauses (C).
- The difference between the two is that the latter does not cover theft of any kind and in addition excludes a lot of partial losses. The former is essentially an ‘All Risks' Cover with certain specified exclusions while the latter specifies the Perils covered.
- From the foregoing it is understandable that the (A) cover is better and more expensive than the (C) cover.