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ACQ 2016-1

Introduction of H&M

Hull and Machinery insurance is an insurance required by the shipowner to guard his investment in the ship. Banks, which lend money to the shipowner, are also entered in the insurance contracts as mortgagees and are protected under the policy. The insurance covers the owner against losses in connection with damage to the ship itself and the main and auxiliary engines caused by: Groundings, Collisions (including running down and being run down by another vessel), Striking fixed objects (buoys, quays, lock gates, etc), Explosion and fires.

Please kindly find below the detailed information about its coverage

  1. losses due to total loss of the vessel or expenses due to repair of damages to vessel’s hull, machinery or equipment;
  2. losses due to missing of the vessel;
  3. vessel’s share in losses, expenses and contribution allowed in general average;
  4. necessary and properly incurred expenses for the salvage of the vessel;
  5. necessary and reasonable expenses for preventing, minimizing the loss or ascertaining it’s extent.

The following risks are subject to additional coverage:

  1. loss of hire;
  2. war risks;
  3. collision liability with vessels (RDC) and/or fixed floating objects (FFO).