For Corporate
Marine Hull Insurance
Marine Hull Insurance is a type of insurance that provides coverage for the physical loss or damage to a vessel's hull and machinery. It is specifically designed to protect ship-owners and operators against financial losses arising from various risks associated with the operation of ships and boats at sea or on inland waterways.
Insured Policies
- Inland Marine Hull Insurance Policy (Voyage)
- Inland Marine Hull Insurance Policy (Time)
- Oversea Marine Hull Policy (Voyage)
- Oversea Marine Hull Policy (Time)
Insured Period
- Voyage
- 1 year from the date of premium payment
Normal Premium Rating
Varies depending on the type of vessel, gross registered tonnage, vessel’s age and water area.
| Vessel’ Age ( Year ) | Hull & Machinery | Increased Value |
| 1-5 | 2.00% | |
| 6-10 | 2.25% | 0.30% |
| 11-15 | 2.50% | |
| 16-20 | 2.75% | 0.65% |
| Over 20 | 3.00% | |
| Deductible -500,000/- or equivalent | ||
Additional Coverage Premium Rating
- war, strikes, malicious acts and nuclear – 0.5%
- Wooden Body Domestic (Oversea is not allowed)
- River Commercial Vessel - 1.4%
- Coastal Commercial Vessel - 1.8%
- Coastal (Fishing Boats) - 2.0%
Short Term Rating Voyage
- Within 15 days of 1 year premium – 1/12
- 1 month – 2/12
- 2 months – 3/12
- 3 months – 4/12
- 4 months – 5/12
- 5 months – 6/12
- 6 months – 7/12
- Over 6 months – 1 full year
