Marine Hull FAQ | Nasco Middle East Insurance Brokers Dubai, UAE- Protection to cargo ships.

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Marine Hull Insurance

Marine Hull Insurance Dubai, UAE - Nasco Middle East’s Marine Hull Insurance provides protection to cargo ships.

Marine Hull Insurance Dubai, UAE

When it comes to meeting our clients’ needs, Nasco Middle East provides reliable marine hull insurance. In case you need more complex or specialized risk coverage, we design specific wordings. The marine industry is highly diversified and specialized, much like the insurance needs of marine businesses and individuals. Coupled with our extensive programs with preferred insurers, we help marine clients get insurance placed correctly and at competitive rates. We offer state-of-the-art insurance for the following specialist areas: Hull and Machinery Physical loss or damage cover for all types of vessels. The scope, basis and extensions of cover provided are adapted to suit the requirements of individual clients. Protection and Indemnity (P&I) Third party liability cover for all types of vessels. Arranged with international group clubs, independent clubs or commercial underwriters, P&I is designed to ‘dovetail’ with a vessel’s Hull and Machinery Insurance. Hull and Machinery - War & Strikes Risks Cover against war, strikes, riots, civil commotions etc. Generally, but not always, arranged separately to a vessel’s Hull and Machinery Insurance and extended to include war protection and indemnity risks. Loss of Hire Insurance designed to protect a ship owner for potential loss of earnings of a vessel (either freight or charter hire) resulting from a casualty. Cover is usually stipulated to respond in the event of a peril insured under the vessel’s Hull and Machinery policy. Builders Risks Physical loss or damage cover for a shipbuilder during a vessel’s construction period. Customarily tailored and extended to include faulty design risks during a warranty period and in accordance with specific shipbuilding contracts. Marine Kidnap and Ransom Ensures that if a vessel is captured and a ransom is demanded, the ship-owner is able to respond quickly and with the support of experienced crisis-handling professionals to ensure the safety of the crew and the expedient release of the vessel. The plan covers the ransom paid, the loss in transit of the ransom, the fees and expenses of security experts, in addition to certain additional expenses and legal liability. We are the endorsed

What does Marine Hull Insurance cover?

Marine Hull Insurance covers physical damage to a ship (the hull and machinery) caused due to various named perils. The most important ones covered are: perils of the sea, fire, explosion, theft, piracy, jettison, earthquake, volcanic eruption, and physical damage caused due to negligence of the master, officers, crew or pilots.

What are the major exclusions?

Standard Hull & Machinery Insurance is a named-peril policy, and all the perils not specifically mentioned are excluded. However, the most important ones are machinery breakdown not caused by any insured perils, liability to third party (except collision liability which can be covered for 3/4th portion), liability to crew, environment, pollution, war, and loss of hire.

How do I cover such risks?

Liabilities to the third parties, crew, and pollution liability can be covered under a separate Protection and Indemnity Insurance. War perils can be covered under a separate War Insurance policy. Loss of Hire/ income after damage to the vessel due to insured perils can be insured under a Trade Disruption Insurance/ Loss of Hire Insurance cover.

What factors does the premium depend on?

The insurance premium is a function of various factors including type of vessel, age of vessel, classification society, flag, trading area, experience of owners/managers, fleet size, claims experience for last 5 years, and possible future acquisitions.