H+M
INSURANCE
HULL AND MACHINERY
INSURANCE
What is Marine Hull Insurance?
Hull insurance affords protection to owners of all types of ships for loss or damage to their waterborne property. Typical perils insured against are stranding, sinking, fire, and collision. The hull policy offers an unusual coverage under its collision clause, which provides liability insurance for loss or damage to the other vessel involved in a collision, as well as to its cargo.
Solution:
The Hull policy can provide you with comprehensive coverage offering tailor made solutions for the most diverse insurance needs. Basic cover includes:
Coverage for vessels against the traditional “perils of the sea”
Coverage for the machinery aboard the vessel
Coverage for the risks of War, Strikes, Riots and Civil Commotions
Reimbursement of the expenses you incurred in mitigating a loss under the policy
Cover for the expenses of salvage and if the worst happens the expenses of removal of wreck
Available extensions and additional covers:
Contingent cover for the expenses associated with operating a vessel involved in a loss such as locating a replacement vessel, loss of freight receipts, crew disbursements, repurchase expenses
Breach of Warranty coverage for third party financial interests
Coverage for loss of charter hire income and loss of profits
Total loss only coverage to minimize costs
Cover for the interests of builders and owners while vessels are in the course of construction
Extended coverage for blue water operations in international waters
Why Choose 2K Marine Hull Insurance
At Horizon Marine our interests are the same as yours – making your business run better by identifying risk exposures and implementing sound risk management and loss control techniques that will enhance your profitability. By successfully employing risk management techniques you can reduce risk exposures and you can also reduce the premiums that you pay for your insurance.
Risk Management Service
Our extensive knowledge of the risks associated with the operation of vessels of all types, enables us to assist in the provision of a unique range of risk management and loss control solutions to you the policyholder. We can tailor a loss control program for your fleet to include:
Pre-purchase condition and valuation surveys
Machinery maintenance scheduling
Weather routing services for blue water voyages
Charter party contract review
Prompt and efficient damage surveys and reporting from anywhere in the world
Specialist Nature of Hull Insurance
Because of the specialist nature of hull insurance, underwriting, claims management and settling ability are all retained wholly within Horizon’s Marine Division. Our dedicated team of highly knowledgeable and experienced professionals understands the marine industry and the way vessels are operated both locally and internationally. We pride ourselves on providing extremely high standards of service to both advisors and clients, and we are committed to providing innovative and tailored responses to the requirements of the vessel operator.
Claims Services
Our experienced Marine claims team is aware of the needs of your business, and that means pro-actively managing your claim, often looking for alternative solutions. We will work with you and your advisor in the prompt resolution of your claim and you can be assured of extremely high standards of service when you deal with 2K.