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Marine Hull Insurance
The insurance is designed to indemnify the shipowner
against loss of or damage to ship and liability of
shipowner arising from maritime perils which include
perils of the sea such as heavy weather, stranding
or collision and other similar perils.
The Institute of London Underwriters publishes
several sets of standard Hull Clauses for use with
the policy coverage. These Hull Clauses are most
widely used. For the insurance of ships on a time
basis, the policy would be, normally, effected for a
period of twelve months: these are known as the
Institute Time Clauses (Hulls). For the insurance of
ships on a voyage basis, these are known as the
Institute Voyage Clauses (Hulls). Both clauses cover
only those perils specified in the clauses.
The cover for loss of or damage to the ship is
extended to embrace collision liability, subject to
a limit of three fourths of the liability or three
fourths of the insured value, whichever is the less.
This cover, which is additional to any other claim
attaching to the policy, relates solely to legal
liability incurred by the assured in consequence of
collision whereby losses are suffered by the other
ship, or by property thereon, for which the insured
ship is wholly or partly at fault.
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