What is Marine & Hull Insurance?
If your business operates in the marine industry – whether it builds vessels or transports cargo or people – you need an insurance policy that protects you from the significant financial impact of risks associated with operating within our waters.
Marine Cargo Insurance is designed for those transporting goods across Australia, New Zealand and overseas, regardless of mode (land, sea, air). The policy covers cargo in transit from point A to point B.
Commercial Hull Insurance is designed for businesses that own and operate commercial vessels like charter vessels, barges, and ferries. This policy covers the costs of damage to the vessel and the machinery and equipment inside it.
Marine Liability Insurance covers the business's legal liability to third parties where negligence has occurred related to the operation of the vessel and/or actions of the crew.
Why is Marine & Hull Insurance important?
A mishap on the water can cause loss or damage to your commercial vessel, which can impact the ability of your business to operate, resulting in lost revenue and other expenses.
- Marine Hull Insurance – covers the cost of repairs and/or replacement of the vessel in the event of loss and/or damage.
- Marine Liability Insurance – protects businesses from legal liability to third parties. This can include business operations such as:
- marina operators
- terminal operators
- shipbuilders and ship repairers
- docking facilities
- piers and pier facilities.
3. Marine Cargo Insurance – insures the value of your goods against loss and/or damage caused whilst in transit by any method of transport.
What does Marine & Hull Insurance cover?
Marine hull insurance covers all types of commercial vessels engaged in maritime activities operating in seas, oceans, lakes, and rivers. They include:
- bulk carriers
- fishing boats
Insurance Advisernet can source competitive terms for your marine-related risks.
Frequently Asked Questions
What is the meaning of marine hull insurance?
Commercial Hull Insurance is designed for businesses that own and operate commercial vessels like charter vessels, barges, and ferries. This policy covers costs of damage to the vessel and the machinery and equipment inside it.
What is the difference between marine cargo and marine hull insurance?
Marine Cargo Insurance provides protection for consumer goods while they’re being transported from one place to another, whether by land, sea, or air. On the other hand, Marine Hull Insurance insures vessels used for commercial purposes, and includes cover for machinery and equipment used in the vessel.
What is covered by marine insurance in Australia?
It depends on what policy you purchase:
- Marine Cargo Insurance covers goods and packages during transit.
- Marine Hull Insurance covers the repair/replacement costs of damaged vessels.
- Marine Liability Insurance protects operators from suffering financial losses as a result of third-party claims for damages and physical injuries.
Which type of risk is covered by hull insurance?
Marine Hull Insurance covers physical loss of vessel and equipment, and damage to a ship’s hull, machinery, and equipment.