The HDFC ERGO Marine Hull and Machinery Policy provides the insured person towards damage or loss caused due to liability or physical destruction towards the insured at the time of vessel operation or such related activities. To sum up with this policy gives cover against the loss and damage caused to the hull or machinery.
The scope of cover of HDFC ERGO Marine Hull and Machinery Policy are as follows:
There are different clauses but among those the most important is the Marine Hull policy. The Institute Time Causes cover for specific period of 12 months.
• Institute Time Clauses (Port Risk) 20/07/87
• Institute Time Clauses (Hull) 01/10/83
This policy covers a number of perils, those are:
Piracy, violent theft, bursting of boilers, latent of defect, breakage of shaft, barratry, perils of the sea, contact with aircraft, fire & explosion, accidents in loading, earthquake, volcanic eruptions or lightning, negligence of repairers, masters, charterers etc.
The losses and expenses covered under this policy are:
General average and salvage, constructive total loss, 3/4th collision liability or 4/4th collision liability, pollution hazard and sue and labor.
The Builders’ Risk Insurance covers the under construction vessel. During the period of construction if the vessel is lost or damaged, due to fire or collision or any such cause then the policy will cover those. The period of insurance starts from the time of construction till the time of delivery thus it can exceed 12 months.
The Hull war and the Strike War Insurance are unlike the Marine Insurance policies. The insurance covers the exclusions of Institute Time Clauses’ Article 11. This policy can be effected by those vessels insured against ordinary marine risk.
The Loss of Charter Hire Insurance assures a stable financial year for the ship owner. As a consequence of breaking down of machinery during the insurance period the vessel is prevented f