Benefits of Marine Hull Insurance

Benefits of Marine Hull Insurance

Want to protect your vessel? Pacific Union’s Hull Insurance is designed to protect you and your vessel from different kinds of vessels. As mentioned previously, there has been a reported Php 738.68 million losses for maritime and aviation insurance here in the Philippines last 2020. And as the world grows more unpredictable day by day, the need for hull insurance has never been more necessary.

Here, then, are some of the benefits of availing your insurance policy today! 

Financial Protection

A big benefit of hull insurance is just like all kinds of non-life insurance, it is designed to protect you financially. Hull insurance covers ship damage expenses against material/physical damage and liabilities arising from the perils of the sea, extraneous perils, war risks, and other allowed perils. 

Generally, it covers the hull, machineries, boilers, materials and outfits, stores, provisions, and fittings.

Liability Coverage

Covers liability for other vessels or property damage, bodily injury to passengers, crew, or third parties. Marine hull insurance also provides coverage for pollution caused by vessels. 

Salvage Charges

These are charges/expenditures that are incurred in the process of recovering a ship and its cargo after a shipwreck or other maritime casualty.

Sue and Labor Charges

It is the provision that spells the duty of the Assured and their servants in respect of loss recoverable under the policy to take such measures as may be reasonable for averting or minimizing such loss and to ensure that all rights against carriers, bailees, or other third parties are properly preserved and exercised.

Running Down Clause

Running clause or 3/4th collision liability clause in marine hull insurance offers a shipowner with some kind of coverage which is necessary in case of third-party liability in the event of a collision. It is a clause within a marine insurance policy that offers legal coverage if the insured vehicle collides with another vessel.

Flexible Options

Another big benefit of hull insurance is the flexibility we provide to our customers – these policies can be tailored to suit the specific needs of different types of vessels and operations. So our customers can feel safe and sound knowing they’d be able to choose a time policy (covers for a year) or a voyage policy (covers the entire voyage from one point to the final destination). Coverage options also include hull damage, machinery breakdown, liability protection, and more. 

Regulation Compliance

Just like marine cargo insurance, many jurisdictions require vessels to have hull insurance to operate legally. By availing hull insurance, shipowners can feel free by complying with certain regulations, saving them time and avoiding legal penalties.