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MARINE HULL
WHAT IT COVERS
This covers loss or
damage to the hull and
machinery of shipping or
fishing vessels,
Travelers, Barges and
River crafts on the
lakes. It also covers
costs incurred on steps
taken to reduce loss
after incidents, which
may lead to a claim (sue
and labour). Vessels
under construction,
repairs can also be
insured
....
REQUIREMENTS
The insured should be
the owner of the vessel
or must be in such Legal
relationship as to have
insurable interest.
..
WHY TAKE THE POLICY
Vessels are very
expensive to build or
purchase. It is
therefore important to
safeguard such huge
investment by insuring
the vessel.
..
BASIC POLICY CONDITION
No passenger liability.
Protection and indemnity
(P&I clubs insure this)
CLASSES OF COVER
Navigation – Covers one
year or less inst. Under
Fishing Vessel Clause
20/7/87.
Voyage – Covers
particular voyage only
Port Risk – Covers
vessel sent to dry dock
for repairs
RENEWAL
1. Surveyor’s report is
submitted
2. Premium is paid
3. Renewal endorsement
issued
....
PROCEDURE FOR TAKING THE
POLICY
1. Completion of
proposal form
2. Submission of
surveyor’s report on the
vessel
3. Payment of premium.
ERECTION ALL RISK
WHAT IT COVERS
It covers loss or damage
arising out of erection
of a project
e.g. A cement or sugar
factory
....
REQUIREMENTS
There must be an
erection project in
place.
..
WHY TAKE THE POLICY
Since machinery and
equipment needed to be
erected into factories
etc. are very expensive,
the contractor need to
protect himself against
any legal liability that
may arise out of fault
in the erection process.
..
BASIC POLICY CONDITION
Does not cover loss or
damage due to faulty
design or defective
workmanship other than
faults in erection. It
extends to testing
period after completion
of the erection.
PROCEDURE FOR TAKING THE
POLICY
1. Completion of
proposal form
2. Payment of premium
3. Issuing of policy
RENEWAL..
The policy is not
renewable. Automatically
cancelled after
expiration of the period |
