Hull insurance is a type of Ocean Marine coverage that covers damage to the ship, including its machinery and equipment. Ocean Marine is a broad term for insurance that covers the vessel or hull of a ship, the cargo, and legal liability for any negligence by the shipper or the carrier. It is one of the most important types of coverage, with many businesses relying on vessels and cargo for their profits. Hull covers ships from situations that may occur due to negligence related to the vessel’s operations or the false actions of the crew members or captain.
Marine Hull mainly covers types of damage related to ships used for commercial and private purposes, protecting against risks such as liability or physical damage.
Who needs Marine Hull coverage?
Commercial and private vessel owners and any businesses associated with these vessels may require Marine Hull coverage to protect their investment.
Those who may need hull coverage include but are not limited to:
Marine contractors
Marine transportation companies
Ferry operators
Charter and tourist boat owners/operators
Shipping owners
Ship repairers
Does AM RE offer Hull coverage?
At AM RE, our marine reinsurance is divided into two subcategories – Inland Marine and Ocean Marine. Marine Hull is covered under our Ocean Marine program, ensuring minimal financial damage in the case of liability or physical damage related to your vessel.
As a reinsurance intermediary, we can offer Property Casualty treaty reinsurance and a tailored approach, traditionally using a Quota Share model. We evaluate Marine business using in-house analytics and innovative loss control solutions.
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