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Risk and Miscellaneous Insurance Business

MARINE HULL INSURANCE

Hull refers to the ship/vessel to be insured. Marine hull insurance is the insurance of ship/vessel e.g. boats, fishing trawlers etc.

This insurance provides cover against the risk of loss or damage to the hull and machinery including third party liabilities. This can be either on a restricted cover or all risks basis. That is it could be on a partial loss or total loss including constructive total loss.

The policy can either be a time policy (for a given period of time) or voyage policy (from one place to another).

RATING CONSIDERATION: -

The first step in assessing the risk is the completion of a proposal form if the risk is directly from the insured or agent or slip if it is from a broker.

The following factors are looked into in assessing the risks.

• Age or year of construction/refitting of the vessel which indicates the condition of the vessels.
• Type of vessel e.g. tanker, tug, dredger, houseboat etc.
• Tonnage
• Flag it carries
• Trade or occupation
• Trading limit
• Type of engine
• Type of construction etc.

The rate for hull in the Nigeria market is very competitive. It ranges between 1.5% - 4% depending on the quality of the risk and the cover required. There are various clauses and conditions that are attached to the marine hull policies.

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