Coverage to water vehicles like a boat, ship, yacht, fishing boat, steamer etc.
This is an insurance against accidents causing damage to the vessel or capsizing. It covers ship owners, operators and those having insurable interest in the same. A hull means the body of the vessel and that is exactly what is covered by this insurance policy.
Risks Covered
- Damage to the hull of the ship or vessel, including its machinery and equipment
- Damage or loss to the ship due to fire, burglary and/or theft
- Accidental damage to the ship due to earthquake, lightning, etc.
- Damage done to other boats by the insured vessel (third party liability)
- Damage to the vessel during maintenance activity
Exclusions
- Normal wear and tear of the hull and machinery
- Damage done due to nuclear activity
- Radioactive contamination
- Damage done by the crew members under the influence of alcohol
- Intentional damage to vessel
- Damage done to the vessel due to terrorist activities
- Involvement in dangerous activities which may lead to hull damage
- Sailing the vessel in a storm after issuance of warming
- Overloading of goods
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