Eligibility:

• Hull of the insured vessel

• Machinery

• Equipment of the insured vessel 

Scope Coverage

Total or partial loss of the hull caused by:

• Contact or collision with any other vessel, aircraft, land or water conveyance.

• Stranding, contact with rocks, submerged or floating objects, whether mobileable or fixed, bridges, ferries, docks, dykes, dams, embankments, wharves.

• Fire or explosion on board the vessel or elsewhere, causing damage to the vessel.

• Jettison where necessary and reasonable.

• Disappearance.

• Earthquake, landslide or volcanic eruption.

• Storm, tsunami, cyclone, hail or lightning.

• Accidents in loading, discharging or shifting of the cargo, fuel or materials or whilst the vessel lies at anchor, in dockyard or in workshop.

• Bursting of boilers, breakage of shafts or latent defects in any parts of the hull, provided that such latent defects were not found in any regular inspection.

• Negligence of the Master, Officers, Crew Members, Pilots or repairers provided that they are not the Assured hereunder or do not hold shares in the vessel.

• General average expenses and salvage charges.

Exclusions

• Unseaworthiness of the vessel or operation outside the permitted areas.

• Any willful act or gross negligence of the Assured or such executors as the Agent, Representatives, Master, Officers or Crew.

• Violation of any ban orders issued by authorities or any illegal business activities 

• Corrosion or wear and tear of machinery or equipment.

• Stranding of the vessel by the effect of tides or high and low ebbs while in anchorage.

• The Master, Chief Engineers and Crew Members have not obtained proper qualifications or certificates or accidents occur because of the use of alcohol, drugs or other similar stimulants by them.

• The vessel is anchored at ports or waters where mooring is not permitted or is not properly moored and tied up at ports or waters where anchorage is permitted or the crew member in charge was not present when the incident occurs.