Commercial Hull Insurance

Commercial Hull

Crafting solutions tailored to

your exact needs

Crafting solutions tailored to

your exact needs

Remove the uncertainty

Review before you Renew

Providing cover for commercial vessel owners, operators and/or charterer in the event of loss or damage to their vessel.

Providing cover for commercial vessel owners, operators and/or charterer in the event of loss or damage to their vessel.

Remove the uncertainty

Review before you Renew

What is Commercial Hull insurance?

Commercial Hull Insurance, provides cover for a commercial vessel owner, operator and/or charterer in the event of loss or damage to their vessel, including its machinery and equipment.

As well as physical damage to the vessel, cover can also extend to insure the liabilities which can arise from the ownership and operation of a commercial vessel or the actions of masters or crew.

Who should consider it?

If you own, operate or charter a Commercial Watercraft, such as a Commercial Fishing boat, Workboat, Tug or Charter vessel, it is highly recommended that you should have Commercial Hull and Liability Insurance.

Additional consideration of Protection and Indemnity Insurance for a commercially operated vessels is also strongly suggested for consideration.

Not all policies are the same.  Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer.  That’s why our our specialist broking team members get to know your business enabling them to provide considered advice delivering you the best policy for your specific needs.

Touch base with us to learn how we can help you.

HDL, the right partner for you.

  • Renowned expertise & accountability
  • Stability & consistency of approach
  • Managing complexity
  • Integrated broking and claims
  • Building trust through service
  • Delivering on promises

Did you know?

31.44%

Insurance claims regarding engine damage made up the greatest share of marine hull claims, approximately 31.4%, followed by collision at 13.6%.

(Published by Statista Research Department, Mar 29, 2021)

Cargo liquefaction

Liquefaction is thought to be behind the loss of a number of vessels, such as the Emerald Star in 2017 and the Bulk Jupiter in 2015.

(Allianz Marine claims trends, 2018)

US$2bn

The grounding of the Costa Concordia in 2012, which resulted in a US$2bn loss, remains the largest loss of the past decade.

(Allianz Marine claims trends, 2018)

What can it cover?

Commercial hull insurance covers accidental loss or damage to boats used for commercial purposes; it can also include salvage costs, and third party liability cover.

Type of cover Potential benefits
Vessels insurance
Covers accidental loss or damage to the vessel anywhere in the agreed navigational limits set by the policy. Valuation and a survey of the vessel is usually required for this insurance and set at an agreed value.
Liability insurance
Providing legal liability for accidental death or bodily injury to a person other than you and your crew, legal liability for accidental damage to another person’s property, and passenger liability for bodily injury to a passenger who is injured whilst being carried by the commercial vessel or caused by food and drink prepared and served by you. This may require a separate liability or protection and indemnity policy.
Ship repairers liability
Can cover the legal liability ship repairers face for loss and damage occurring while a vessel or craft is in their care, custody or control. It also applies when a vessel is being moved within the limits of the port where work is being done and while in transit to or from a specialist repairer or manufacturers’ premises.
Ship builders risk
Protects vessels under construction or conversion; cover is provided against risks of physical loss or physical damage. It also allows for launching, sea trials and liabilities arising out of the build.
Additional options
An optional level of cover can also be selected in the event Masters, Officers, or Crew cause damage to the vessel, the vessels machinery, shafts, boilers or other mechanical items.

Be aware of Localised Wordings vs Institute Clauses

‘Institute Clauses’ are used by underwriters, which spell out the cover provided, together with exclusions, warranties and conditions. The reason these clauses are used, is that a large proportion of Commercial Hulls sail into international waters, visiting ports all over the world and an international standard of cover is necessary.

However, in recent years, local insurers have put together their own versions of Commercial Hull policy wordings, principally to cover such vessels that only operate in Australian coastal and inland waters.

One point that potential Insureds need to be aware of, is that some of the local wordings exclude ‘wear and tear’, meaning that depreciation can be applied in the event of a claim, subsequently reducing the final pay out. Whereas with the Institute Time Clauses Hulls, claims are payable ‘new for old’.

Complimentary Review

Review before you Renew

Complimentary Review

Securing optimal insurance protection is becoming more challenging.

Having a fresh set of eyes can make a dramatic difference.  HDL welcomes the opportunity to evaluate and challenge your current risk and insurance program in a confidential manner that avoids disrupting existing relationships.

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Our Global Insurance Network

Over 150 Insurers across the globe.

aig2
allianz
Berkley
CGU
Chubb logo
gt-insurance
Hollard-logo
IAL
lloyds-v3
nit
qbe
vero
zurich2