The Hull & Machinery Insurance policy is a type of Marine Insurance policy, which provides comprehensive protection to the vessels and fleet against any physical damage, which can be caused during voyage due to perils of the sea. The Hull and Machinery Insurance policy covers all the vessels that operate in any kind of waterways, be it tugboats, floating machines, oil rigs, barges, or any other vessel.
However, it forms a space for clients to ensure their ship for a specific tie period or journey. It also protects the owner of the craft from any legal liability that might arise due to the collision of the vessel with another ship, causing damage to its cargo.
Scope of our services
Rise in the number of accidents in water bodies, a need for insurance of expensive vessels is a need of the hour for the owners of hulls and machinery operating specifically in water bodies. Hull & Machinery Insurance aims to cover the damages being done to the hull of vessels or ships during a voyage. It also covers insurance for ship equipment, engines or machinery. Easy documentation facility and fewer obligations make it easy for the owners of the ship to secure the vessels at an agreed value that makes up for the cost of the vessel to be insured.
This insurance policy protects ship or vessel against a wide range of risks such as fire, theft, pollution hazards, loss of functional parts, destruction of the wreck, the sinking of the ship, and damage caused to other vessels by the insured ship, negligence of crew and others. A ship-owner can reduce the risk of the financial loss, as the insurance policy asserts to pay for 75% of collision liabilities, legal expenses, agency commission or maintenance cost.
Our Marine Hull and Machinery Insurance team makes sure that our client is able to reap the benefits of the policy to its full potential, by ensuring the financial strength of the company. Zoom’s team coordinates well in accordance with the policies and individual needs to offer solutions to prospective clients in the following ways: