Marine haul insurance covers the structure & other associated interests like freight for the ship/craft/boat etc. This may be covered for a transit or for a specific duration of a year/less than a year. Policies have also evolved to cover ship building, ship repairing and ship breaking facilities. Oil and energy risks covering Oil Rigs on land/in high seas etc. are also available.
Various risks connected with the body of the ship like collision, grounding, stranding, damage to machinery while in transit are covered in a Hull policy. Specific risks of Ship building, repairs or ship breaking or Oil Rigs are covered under the specific policy.
Ship owners, ship builders, charterers, bankers, financers of ships- all with an interest in the safety of the Ship Hull & can take an insurance cover.
(Please note the difference from Cargo insurance here).
