Hull & Machinery
Insurance
for Shipowners
_________________________________
Hull & Machinery insurance protects the physical asset at the centre of every shipping operation: the vessel itself.
Hull & Machinery
Insurance
for Shipowners
_________________________________
Hull & Machinery insurance protects the physical asset at the centre of every shipping operation: the vessel itself.
Marasco Marine Ltd assists shipowners and managers in arranging H&M insurance through established international marine insurance markets, with particular attention to insured values, deductibles, trading patterns, machinery exposures, claims history and the financial security of participating Underwriters.
Our role does not end when the policy is placed. In the event of a casualty, Marasco remains actively involved in coordinating the insurance claim through survey, technical investigation, adjustment and recovery.
What H&M Insurance Normally Protects
Hull & Machinery insurance may respond to physical loss or damage to the vessel arising from insured marine perils, subject always to the policy wording, exclusions, deductibles and applicable conditions.
Depending on the placement, the insurance may address damage involving:
- hull and structural components
- propulsion machinery
- auxiliary engines and generators
- electrical and mechanical equipment
- collision-related damage;
- grounding or contact damage
- heavy-weather casualties
- other accidental physical damage falling within the policy terms
What Marasco Reviews Before Placement
Before approaching the market, Marasco considers factors including:
- vessel type, age and classification
- insured and market values
- trading pattern
- machinery configuration
- loss record
- deductibles
- mortgagee requirements
- fleet composition
- repair and replacement-cost exposure
- Underwriter security
H&M Claims Matter as Much as Premium
A low premium is of limited value if the insurance fails to perform properly after a casualty.
For this reason, Marasco places particular emphasis on:
- clear policy wording
- suitable deductibles
- financially secure Underwriters
- claims cooperation
- prompt survey arrangements
- disciplined claims presentation
- recovery of agreed claims payments
Related Covers
Where appropriate, H&M insurance may be considered together with:
- Loss of Hire
- War Risks
- Increased Value
- Mortgagees’ Interest
- ancillary marine liabilities
FAQs
What determines the cost of H&M insurance?
Premium depends on vessel type, age, insured value, trading area, claims record, deductible, machinery profile, fleet size and current market conditions.
Can H&M insurance cover machinery damage?
Potentially yes, depending on the cause of loss and the applicable policy wording. Machinery claims require careful technical and insurance analysis.
What happens if the vessel enters a war-risk area?
Annual H&M policies normally contain war-risk exclusions or listed-area provisions. Separate War Risks approval and Additional Premium may be required.
Does Marasco assist after a casualty?
Yes. Major claims management is one of Marasco’s core activities.
Discuss an H&M Requirement
Whether reviewing an existing fleet programme, considering a renewal or requiring cover for a new acquisition, Marasco can assist with placement, policy structure and claims considerations.
