What are the major types of Marine Insurance?
Some of the major types of Marine insurance: • Hull and Machinery • Protection and Indemnity • Pollution • Cargo • Breach of Warranty Hull and Machinery Insurance is to protect your vessel against physical loss and the dollar limit of coverage is normally determined by a marine survey. The policy provides coverage on a “valued basis” which means the value listed in the policy is the amount paid to the owner in case of a total loss. This type of insurance may also pay for machinery losses arising from Latent Defect, Crew Negligence or Repairer’s Negligence. Some vessel owners who are not concerned with this type of machinery loss may accept a modified policy form which reduces their hull premium typically about 15%. NOTE: If you collide with another vessel and are found to be completely or partially at fault, the physical damage to the other vessel would normally be paid by your Hull and Machinery policy. If you do not purchase Hull and Machinery insurance, you should seriously consider
