Commercial vessels are subjected to a range of damages and liability risks which can amount to significant financial loss. We at QBE are dedicated to help manage your exposures. We provide Hull & Machinery Insurance cover for shipowners and operators based on their individual needs. Before setting sail, let QBE take you under its wing.
Insurance for shipowners and operators providing coverage for physical loss or damage to the hull and machinery of the ship.
Increased Value/ Disbursement
This cover provides additional insurance, usually limited to 25% of the Hull value, in the event of the vessel becoming a total loss. The policy provides insurance against the loss of revenue and increased costs arising out of an incident that is covered under the Hull & Machinery Insurance.
Insurance for physical loss or damage to the vessel arising from war and strikes perils.
Mortgagees Interest Insurance for the mortgagees (banks or financial institutions) for outstanding monies due to them in the event of non-payment of claim under a Hull & Machinery and/or Increased Value policy following a breach of warranty by the operators of the vessel.
Innocent Owners Interests
Insurance for the innocent owners whilst their vessel is on a bareboat charter. The shipowner is exposed if Hull & Machinery and/or Increased Value covers do not respond, due to the arrangements becoming void following an act by the disponent owner or bareboat charterer.
This type of insurance covers a vessel while it is under construction. During that period, it is exposed to risks such as fire, tidal wave or failure in launch. It is also exposed to collision and sinking on a trial trip. The builders’ risk insurance effected by shipyards provides cover against all such risks. Click here for Proposal Form.
Commercial Third Party Liability Insurance against certain liabilities to third parties that may be incurred by the shipowner or operator of the vessel such as damage to third party property or bodily injury to third parties arising from collision with other vessels, removal of wreck, etc.
For more details of our marine products, please approach your servicing insurance broker or an authorised QBE agent for assistance.