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Commercial Hull Insurance

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What is Commercial Hull Insurance?

Commercial Hull Insurance is designed specifically for the marine industry to address its unique insurance needs. With the ever-changing global dynamics and increasing demand for imported goods, marine businesses face numerous risks. This insurance provides financial protection for commercial vessel owners, operators, and charterers in case their vessels suffer loss or damage.

Commercial Hull Insurance

What Does Commercial Hull Insurance Cover?

Commercial Hull Insurance policies typically include the following coverages:

  • Accidental Damage: Coverage for unexpected damage to the vessel.
  • Crew-Caused Damage: Protection against damage caused by the vessel’s masters, officers, or crew to the vessel, its machinery, boilers, shafts, or other mechanical components.
  • Institute Clauses: Policies can be negotiated to include coverage based on internationally recognised and market-standard Institute Clauses, offering comprehensive protection beyond standard insurer wordings.

Who Needs Commercial Hull Insurance?

Owners, operators, and charterers of commercial watercraft such as commercial fishing boats, workboats, tugs, and charter vessels are highly recommended to have Commercial Hull Insurance. This insurance is crucial for anyone involved in the commercial operation of watercraft to mitigate the financial risks associated with vessel damage or loss.

Additionally, marine businesses may want to consider Protection and Indemnity Insurance for further coverage of their commercially operating vehicles, ensuring a broader scope of protection against potential liabilities and risks.

Commercial Hull Insurance

Client Example

A commercial fishing vessel was navigating through busy waters when it accidentally collided with a submerged object, causing significant damage to its hull and mechanical systems. The collision resulted in the vessel taking on water and necessitated immediate emergency repairs to prevent sinking.

The vessel owner notified the insurance broker of the incident, providing detailed information about the collision, the extent of the damage and the steps taken to mitigate further loss.

The broker lodged a claim with the Insurer who then appointed a marine surveyor to assess the damage and estimate the cost of repairs. The incident was covered under the accidental damage section of the policy and the Insurer covered the repair costs of $500,000. This amount covered the emergency repairs, towing fees, and the replacement of mechanical systems.

The Commercial Hull Insurance policy ensured that the vessel owner was protected from bearing the full financial burden of the extensive repairs and that the vessel was back in business quickly, minimising downtime and financial loss.

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