Marine Hull Insurance is an insurance policy especially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Hull insurance can be understood like a car insurance, with a difference of being for a water faring vehicle instead of land.
It covers all types of vessels operating into the oceans, lakes, or rivers like bulk carriers, fishing boats, fishing trawler, ships, tankers, cruises, yachts, jetties etc.
The policy plays an important role by helping boat owners to secure their vehicles against machinery damage and destruction of hull, fittings, liabilities, etc.