ship hulls insurance
This type of insurance provides cover and protection for the ship’s hull from dangers while it undertakes sea voyages between ports or during its work inside the ports or when it stops in the port or during the construction or building process in one of the shipyards..
Insurance is made against the risks to which the ship is exposed in all these cases for specific periods of time – a year in most cases – or during a specific voyage, and includes the insurance of the ship’s hull, the responsibility of the owner, the responsibility of those who carry out the repairs in addition to other insurances such as freight insurance or freight charges. The membership of which consists mainly of shipowners to cover some other risks that are not covered by ship hull insurance policies.
Types of hull insurance policies:
The type of insurance on the hulls of ships varies according to the type of ship to be insured, the nature of the risks that are covered, the time period of coverage, the nature of the voyage, and many other factors. There are many types of ships that can be insured, the most important of which are bulk cargo ships, bulk carriers and bulk carriers and tankers of petroleum and chemical materials. Gas carriers, container ships, ro-ro ships and passenger ships.
Several types of documents are available for hull insurance, including insurance on the ship’s hull and machinery during the cruise, insurance against construction risks, liability insurance, freight insurance, tugging insurance, liability insurance for ship repair companies in addition to ship hull insurance under the conditions of port risks For ships operating in the port.
The insurance policies vary according to the period of coverage, including the temporary document which covers the ship during a specific period of time, the voyage document that covers the ship during the sea voyage, a construction document and a mixed one.
Main hazards covered :
Maritime risk is that risk that arises from or is associated with navigation at sea, that is, the sea is a cause of damage or is the result of navigational difficulties , and the ship hull insurance policy covers sea dangers that include shipwreck, steepness, delinquency, and maritime collision due to bad conditions Air at sea , and the document also covers the dangers that occur at sea, whether during the sea voyage, or that occur without the sea voyage, such as fire, explosion, theft, maritime piracy, capture, and confiscation .
The most important dangers excluded :
Ship hull insurance excludes from coverage, loss or expenses that can be attributed to the intentional act or misbehavior of the insured, and the dangers of wars such as war, civil war, revolutions, rebellion, hostilities, seizure, arrest, prevention and suspension , and the insurance policy also excludes riots, strikes, civil unrest and terrorist acts, in addition to The ship if it is unfit for navigation, the loss resulting from the inadequacy of the cargo transporting vessel and the nuclear dangers.