Hull and Machinery (H & M)
Hull & Machinery insurance – is insurance for the machinery and hull of a ship. The full value of the vessel is insured. Depending on the protection chosen, compensation is provided:
- Damage caused by the total destruction of the vessel (actual or expected) or the cost of repairing damage to the hull, machinery, machinery and equipment.
- Damage related to the untraceable disappearance of the vessel.
- Losses related to the total destruction of a ship.
- The shipowner’s (shipowner’s) share of the general average contribution (contributions).
- Reasonable and practicable expenses for the salvage of the vessel.
- Reasonable and practicable expenses related to the prevention and mitigation of loss or damage or to the determination of the extent of loss or damage, if the loss or damage was caused by an insured event and is specified in the insurance contract.
In addition, the Hull & Machinery insurance policy may include additional cover:
- Increased Value Insurance (Increased Value)
- Loss of Hire insurance (Loss of Hire insurance)
- War risks
- On-board fuel and supplies insurance
- On-board cash insurance
- Collision liability insurance (RDC)
- Liability for collisions with moving and fixed floating objects (FFO)