MARINE HULL INSURANCE
Aim
Marine Hull Insurance is a kind of Insurance that mean guard for not only Hull but also for not damaging Machinery
There are 4 policies
(1)Inland Marine Hull Insurance Policy (Voyage)
(2)Inland Marine Hull Insurance Policy (Time)
(3)Overseas Marine Hull Insurance Policy (Voyage)
(4)Overseas Marine Hull Insurance Policy (Time)
Premium Rate
It is regard according to the Type of Vessel, Breadth, Length, Depth, Engine, Gross Registered Tonnage, Year of Construction and Water boundary which is used
(1)Steel Hull(Foreign & Local)
Normal Premium
Vessel’s age Hull & Machinery Increased Value
Year
1-5 2.00%
6-10 2.25% 0.30%
11-15 2.50%
16-20 2.75%
Over 20 3.00% 0.65%
-Deductible -500,000 or equivalent
Extra Guard Premium
war,strikes,malicious acts and nuclear 0.5%
(2)Wood Hull (Local only)
(3)By Streamer all-purpose goods 1.4%
By Coastal all-purpose goods 1.8%
By Coastal(Fishing) 2.0%
Warranty of Insurance
- (a)Voyage
- (b)1 year, Start from the day of purchasing Premium
Extension Premium Rate
Voyage
Under 15 days One year Premium's 1/12
(1)month 2/12
(2)month 3/12
(3)month 4/12
(4)month 5/12
(5)month 6/12
(6)month 7/12
Up to (6)month 1 year full
Money for Insurance
Agreed Value of Contract between the one who accept for Insurance and Insured person