Marine Hull and Machinery Insurance

Marine Hull and Machinery Insurance

Our Marine Hull Insurance Policy provides complete protection to the hull and machinery of ocean-going and other vessels operating along waterways from damage due to the below mentioned range of perils:

  • Fire
  • Explosions
  • Theft by outside
  • Jettison
  • Earthquake, volcanic eruption or lightning
  • Bursting of boilers, breakage of shafts or any latent defect in the hull and / or machinery
  • Accidents during loading, discharging or shifting of cargo / fuel
  • Negligence of master officers, crew and pilot
  • Upon payment of additional premium, coverage can be obtained for War, Strikes, Riots & Civil Commotion risks & Terrorism.

 

Types of Hull & Machinery Insurance
  • Operational cover - Total loss & partial loss
  • Voyage cover - Total loss & partial loss
  • Ship builders risks
  • Ship repairer’s liability
  • Protection and indemnity liability
  • Pleasure craft cover

 

Freight Forwarders Legal liability

The brief description under each legal liability is as follows:

1. Cargo Liability Insurance

Freight Forwarders Legal Liability In respect of:

  1. Physical loss or physical damage to cargo subject to terms and conditions
  2. Consequential loss arising due to above
  3. Cargo’s contribution to general average and salvage subject to terms and condition
2. Third Party Legal Liability Insurance

Cover provided on legal liability covers to 3rd party, due to negligence in respect of:

  1. Bodily injury
  2. Physical loss or physical damage
  3. Consequential loss suffered by Third Party directly arising from a claim
3. Claims Expenses

Claims Expenses incurred on investigating, adjusting, appealing or defending on a claim made against the Insured is covered provided prior approval obtained from Insurer.

4. Professional Indemnity Insurance Extension

The above cover includes legal liability for a negligent errors and omission by the Insured resulting in:

  1. Incorrect or wrongful delivery of Cargo
  2. Delay in the handling
  3. Failure to fulfill the Insured’s contractual obligations
5. Fines and Duties Liability Insurance Extension

An unintentional breach of any regulation legal or statutory provision resulting in fines, customs duty, sales tax, excise duty, value added tax or similar fiscal charges or other penalty imposed by an Authority on the Insured or other persons acting within their authority on the Insureds behalf provided that such breach relates directly to:

  1. the import or export of Cargo or Carrying Equipment which is not owned or leased by the Insured; or
  2. immigration; or
  3. pollution; or
  4. the safety of working conditions.
Insurance for all from the largest & strongest National Insurer
Benefits
Multiple Options

The policy can be obtained for Partial Loss, Total Loss or Constructive Total Loss

Total Loss Cover for fishing boats

Total Loss Cover for fishing boats

Cover granted to both reefer and general cargo containers

Cover granted to both reefer and general cargo containers (yard cover only)

Eligibility
  • Policyholder should have an insurable interest on the asset
  • Policyholder should be eligible to sign an insurance agreement as per the legislation framework of Sri Lanka
  • Vessel should be suitable for marine intended purpose/voyage and should be in a good condition
Why should I select Sri Lanka Insurance as My Insurance Partner?

Sri Lanka Insurance is the pioneer insurance company in the island with a history spanning 57 years. Being backed by the state has added to its strength and credibility while it has the most experienced technical knowledge base. Its Life Fund in excess of LKR 116 billion and asset base of over LKR 211 billion are unmatched in the industry.

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