Hotline Call Centre: 1500 674 (MSI)Hull Insurance
This insurance provides coverage or protection against loss, damage, or total loss of the ship’s hull, machinery, and equipment caused by maritime perils and navigation risks, as specified in the terms and conditions of the Policy.
Key features
Annual hull insurance
An annual insurance coverage with simpler administrative procedures is a suitable option. The policy insures the vessel for a period of one year under the Institute Time Clauses.
Voyage hull insurance
This coverage is designed to insure the vessel for a specific voyage, as opposed to a time-based coverage provided under the Institute Time Clauses.
Plan highlights
War risk coverage
We are able to provide additional coverage for war risks that are not included under standard clauses such as the Institute Time Clauses – Hulls. This coverage protects against risks arising from war-related events including war, invasion, hostilities, and warlike operations that are typically excluded from standard marine hull insurance policies.
Strike risk coverage
We also offer additional coverage for strike risks, which are not covered under standard clauses such as the Institute Time Clauses – Hulls. This protection applies to losses resulting from strikes, riots, civil commotions, and similar disturbances that may affect the insured vessel.
Plan details
INSTITUTE TIME CLAUSES HULLS Cl. 280 1/1/83
This insurance covers loss of or damage to the subject matter insured caused by:
- Perils of the seas, rivers, lakes, or other navigable waters;
- Fire and explosion;
- Theft with violence by persons from outside the Insured Vessel;
- Jettison of parts of the Insured Vessel;
- Piracy;
- Damage or accident to nuclear installations or reactors;
- Collision with aircraft or similar objects, or objects falling from them, land conveyances, dock equipment, or port installations;
- Earthquake, volcanic eruption, or lightning strike;
- Accidents occurring during the loading, unloading, or shifting of cargo or fuel;
- Explosion of boilers, breakage of shafts, or any latent defect in the machinery or hull of the Insured Vessel;
- Negligence of the Master, Officers, Crew, or Pilot of the Insured Vessel;
- Negligence of ship repairers or charterers, provided that such repairers or charterers are not the Assured under this insurance;
- Acts of the Master, Officers, or Crew;
- Loss of or damage to the Insured Vessel caused by actions of governmental authorities acting under their powers to prevent or mitigate pollution or the threat of pollution, as a direct result of damage to the vessel;
- The Insurer agrees to indemnify the Assured for three-fourths (¾) of any sum or sums paid by the Assured to any person or persons by reason of the Assured's legal liability to pay compensation for:
loss of or damage to another vessel or property on another vessel;
delay to or loss of use of such vessel or property;
general average, salvage (whether contractual or pure salvage) in respect of such vessel or property.
INSTITUTE TIME CLAUSES –HULLS TOTAL LOSS ONLY, GENERAL AVERAGE AND 3/4THS COLLISION LIABILITY Cl.284 1/1/83
This insurance covers total loss (actual or constructive) of or damage to the subject matter insured caused by:
- Perils of the seas, rivers, lakes, or other navigable waters;
- Fire and explosion;
- Violent theft by persons from outside the Insured Vessel;
- Jettison of parts of the Insured Vessel;
- Piracy;
- Damage or accidents involving nuclear installations or reactors;
- Collision with aircraft or similar objects, or objects falling from them; also collisions with land conveyances, dock equipment, or port installations;
- Earthquake, volcanic eruption, or lightning strike;
- Accidents during the loading, unloading, or shifting of cargo or fuel;
- Explosion of boilers, breakage of shafts, or latent defects in the machinery or hull of the Insured Vessel;
- Negligence of the Master, Officers, Crew, or Pilot of the Insured Vessel;
- Negligence of repairers or charterers, provided such repairers or charterers are not the Assured under this insurance;
- Acts of the Master, Officers, or Crew of the Insured Vessel;
- This insurance also covers total loss (actual or constructive) of or damage to the Insured Vessel caused by action of governmental authorities acting under their powers to prevent or mitigate pollution or the threat of pollution, as a result of covered damage to the vessel;
- The Insurer agrees to indemnify the Assured for three-fourths (¾) of any sum or sums paid by the Assured to any person(s) by reason of the Assured’s legal liability to pay financial compensation.
INSTITUTE TIME CLAUSES –HULLS TOTAL LOSS ONLY (Including Salvage, Salvage Charges and Sue and Labour) Cl. 289 1/1/83
This insurance covers actual or constructive total loss of, or damage to, the subject matter insured caused by:
- Perils of the seas, rivers, lakes, or other navigable waters;
- Fire or explosion;
- Theft with violence committed by persons from outside the Insured Vessel;
- Jettison of any part of the Insured Vessel;
- Piracy;
- Damage to or accidents involving nuclear installations or reactors;
- Collision with aircraft or similar objects, or objects falling from them; or collision with land conveyances, dock equipment, or port installations;
- Earthquake, volcanic eruption, or lightning;
- Accidents occurring during the loading, unloading, or shifting of cargo or fuel;
- Explosion of boilers, breakage of shafts, or latent defects in the machinery, hull, or structure of the Insured Vessel;
- Negligence of the Master, Officers, Crew, or Pilot of the Insured Vessel;
- Negligence of ship repairers or charterers, provided such repairers or charterers are not the Assured under this insurance;
- Acts of the Master, Officers, or Crew of the Insured Vessel;
- Actual or constructive total loss of, or damage to, the Insured Vessel caused by the actions of governmental authorities acting under their powers to prevent or mitigate pollution or the threat of pollution, as a direct result of damage covered under this policy.
General exclusions
(Applicable to ITC Hulls 1.10.83 Clauses 280, 284, and 289)
- War Exclusion
- Strikes Exclusion
- Malicious Acts Exclusion
- Nuclear Exclusion
