Cover for the hull, machinery and equipment of all types of vessels from fishing boats to VLCC’s, from small private yachts to luxury cruise liners. The amount of Hull & Machinery coverage can vary with there being various options under the Institute Time Clauses (ITC):

ITC.280 the owner is fully covered for Hull and Machinery losses as the insurance covers loss of or damage to the insured vessel at any amount over and above applicable deductible.

ITC.284, the owner is only covered in the event of total loss to his/her vessel (actual or constructive). Thus meaning that unless a claim reaches the insured value of the vessel (sum insured) no claim will be paid.

ITC.280 –but warranted ‘free of particular average’. This covers the owners loses but only in accordance with the agreed perils noted (i.e) free of particular average and/or damage to the vessel unless caused by Fire, Lightning, Explosion, Grounding, Stranding, Collision with ship, vessel or object.