The Marine Hull and Machinery Policy of HDFC ERGO cover the loss and damage to the machinery and hull. The machineries are the tools and the equipments which generate power in the vessel and move it controlling the light and the temperature system like broiler, electricity generator, cooler, engine etc.
The different types of policies covered under Marine Hull and Machinery Policy of HDFC ERGO are:
The Builders’ Risk Insurance
• Cover the under construction vessels.
• It covers if the vessels are exposed to tidal wave, fire, capsize or failure in launch.
• It also covers of the vessel is exposed to sinking on trial trip or collision.
• The insurance can be affected by the ship to provide against all the above mentioned risks.
• The insured value is equal to the contract price or the estimated complete value of the ship if there is no contract price.
• The period of insurance starts from the time of inception of the ship to the time of delivery.
• The insurance period can exceed up to 12 months.
Hull War and Strike Risk Insurance
• This insurance has excluded the war risks and the strike risks.
• This insurance covers the exclusions under Article 11 of the Institute Time Clauses.
• This insurance is affected for the vessels which are insured against ordinary marine risks.
Loss of Charter Hire Insurance
• This insurance is for the ship owners.
• This policy ensures a stable financial year to the ship owners.
• During the period of insurance is the vessel is damaged due to accident then the vessel will not be allowed to earn any hire.
• The hire will be stopped for stated number of days and the insurance will pay the sum for each 24 hours after the expiration of the said days.