Hull & Machinery Insurance

Hull and Machinery Insurance is designed to offer coverage for damages to the structure or machinery of a ship or other vessels such as tugboats, barges and even oil rigs. It is the equivalent of car insurance for ships. Policies can be written for a single ship or an entire fleet of ships or vessels.

While many people might think that hull and machinery insurance is used only in the event of a collision, there are many other ways that a ship can be damaged. Ocean going vessels and their machinery can be damaged by storms, large waves and any number of natural obstacles.

You also need to make sure that you have a running down clause, a provision for hull and machinery insurance that covers damages to another vessel from a collision with another ship or is caused by the ship. It will also cover you for any damage to the other vessel’s cargo.

When purchasing hull and machinery insurance, the running down clause does not cover any exposure for ship owners from an accident that causes bodily injury, death or damage to fixed installations such as docks and piers. You would need a Protection & Indemnity policy for that sort of coverage.

Purchasing marine insurance can be a very confusing proposition. It is important to use a maritime insurance company that can explain the exposures you face and develop a policy that best suits your needs and protects your business. The Hull and Machinery insurance specialists at Douglas Maritime Insurance Brokerage Inc., will take the time to find the best policies for all of your marine insurance needs. Contact us at 805-563-6388 for more information or to receive a quote. Our goal is to make sure that in the event of an accident or damage, your interests are protected.