Hull means the insurance of ship. The ship is always at the risk of the perils of the seas and therefore, the ship owner can insure it against probable losses as such. The subject matter of hull insurance are usually:-
b. Plant & Machinery
c. Refrigeration Machinery etc.
d. Freight (if the freight is after paid when at the risk of the ship owner)
Direct risk covered under Marine Hull Insurance:
Fire, theft, jettison, collision, contact, heavy weather, Stranding/ foundering, sinking, General average, Sue &labour charges. The Marine Hull policy may include liability hazards such as collision or running down.
Additional Risk Covered on payment of additional premium
War Strike Riot Civil Commotion (SRCC)
Premium being determined on a rating subject to age and class of construction of Hull.
Risks covered under following categories :-
a) ITC (All risk Policy)
b) TLO (Total Loss only)
According to the law the insured is required to pay the Stamp duty of this policy.