Hull & Machinery Insurance
You're covered.
For physical damage to a vessel and its machinery.
Hull and machinery insurance (H&M insurance) is a type of marine insurance that provides coverage for the physical damage to a vessel and its machinery. This insurance is critical for superyacht owners as it protects your investment in the ship itself, as well as its operational components.
Hull & Machinery Insurance.
Key Features.
The following shows the standard key features for our Hull & Machinery Insurance policies. Yet, at Superyacht Insurance Services, our products and service are anything but standard. We will work with you to design and build a bespoke policy that is uniquely tailored to you and your superyacht.
Coverage for Physical Damage
Hull
This refers to the main body of the superyacht, including its structure and superstructure.
Machinery
This includes the superyacht’s engines, generators, and other mechanical and electrical equipment, essential for the operation of the vessel.
Types of Covered Perils
Accidents
Collisions with other vessels, grounding, sinking, and stranding.
Natural Disasters
Storms, lightning, tsunamis, and other weather-related events.
Fire and Explosion
Damage resulting from onboard fires or explosions.
Piracy and Vandalism
Acts of piracy, malicious damage, and vandalism.
General Average
Costs shared by all parties in the event of a loss that affects the whole ship and its cargo.
Additional Coverages
Salvage Costs
Expenses incurred to recover a ship that has been damaged or stranded.
Towing and Assistance
Costs related to towing the ship to a safe harbor or for repairs.
Sue and Labour
Costs incurred by the shipowner to prevent or minimise a loss.
In conclusion.
Let's talk.
Hull and machinery insurance is a vital form of coverage for superyacht owners, providing essential protection against a wide range of risks that can cause physical damage to a vessel. By securing this type of insurance, superyacht owners can safeguard their investments, ensure operational continuity, and comply with legal and contractual obligations. All while achieving peace of mind. If you’d like to arrange cover, please get in touch.
