Marine Hull Insurance

What is Marine Hull Insurance?

Marine Hull Insurance covers against loss or damage to the hull, engines and accessories caused by perils of the sea. It also covers fire, theft, jettison, piracy, explosion and malicious acts.

Marine Hull Insurance gives the vessel owner a level of confidence and security in operating their yachts and ships on international waters.

The type of marine insurance policy sought will depend heavily on your intended use for your vessel, for example, if you intend to carry cargo or passengers, you must obtain the appropriate insurance policy. Our dedicated team of experts is on hand to help and advise you the best cover for your needs. All vessel operators however, should obtain hull insurance as an added safety measure.

What does Marine Hull Insurance cover?

Marine Hull Insurance from Goldstar covers:

  1. All types of Oceangoing vessels
  2. All type of Coastal/Inland vessels
  3. Yard and pleasure Crafts
  4. Port Crafts
  5. Shipbuilding- construction of vessel
  6. Ship Repairers' Liabilities
  7. Charterers Liabilities
  8. Breaches of warranties / voyage cover
  9. Freight- at -Risks insurance for voyages
  10. Dredgers
  11. Fishing vessels / Trawlers
  12. Sailing Vessels
  13. Jetties (with or without cranes), fixed pontoons/Pontoons Jetties, wharves etc.
  14. Ship breaking

The main risks covered include, but are not limited to;

  • Total loss in terms of actual or constructive loss of the vessel
  • Damages to hull, machinery and equipment onboard the vessel
  • Salvage and applicable charges
  • Legal costs and labor costs
  • Costs for collision defense and attacks
  • Dry docking expenses
  • Costs for marine surveys to assess damage of potential damage

Essentially, all physical damage to a vessel can be covered by Marine Hull Insurance, which extends to recoveries and losses at sea as well.

The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by:

  1. Fire, explosion
  2. Stranding, sinking etc.
  3. Overturning, derailment ( of land conveyance )
  4. Violent theft by persons outside the vessel.
  5. Collision
  6. General average sacrifice, sacrifice, salvage charges
  7. Jettisons
  8. Piracy
  9. Breakdown of or accident to nuclear installations or reactors
  10. Contact with aircraft or similar objects, or objects falling therefrom, land conveyance , dock or harbour equipment or installation.
  11. Earthquake volcanic eruption or lightning.
  12. Crew Negligence.