The GoldStar Marine Hull Insurance policy is expertly designed to protect your marine vessels, be it operating in the vast oceans, cruising the serene rivers, or stationed in bustling ports. Don’t let unforeseen events sink your business. Invest in our Marine Hull insurance policy today and navigate the seas with confidence!

A Marine Hull Insurance policy provides coverage for physical damage to vessels including boats, ships, yachts, steamers and other marine structures. It is specifically designed to protect the owners of these vessels against the financial consequences of various risks that can occur while operating in marine environments. The key coverages that may be included in the marine hull policy are:

Physical Damage Coverage

Hull And Machinery

This covers accidental damage to the ship’s hull and machinery, including engines, boilers, and other mechanical components.

Collision Damage

This provides coverage for accidental damage resulting from collisions with other vessels or objects (e.g. piers, docks).

Grounding

This covers accidental damage caused by the vessel running aground or striking underwater rocks or reefs.

Fire And Explosion

Coverage for accidental loss or damage due to fire and explosion onboard the vessel.

Weather Damage

Coverage for accidental damage caused by adverse weather conditions, such as storms, heavy seas, and lightning.

Vandalism

This covers loss or damage caused by acts of vandalism.

Total Loss Coverage

Actual Total Loss (ATL)

Coverage for the complete destruction or disappearance of the vessel.

Constructive Total Loss (CTL)

Coverage when the cost of repairing the vessel exceeds its insured value or a specified percentage of its value, making it economically unviable to repair.

Salvage And Recovery Costs

Salvage Charges

Coverage for costs associated with the salvage operations to recover a vessel after a covered incident.

Sue And Labour Costs

Coverage for expenses incurred to minimize or prevent further loss or damage to the vessel after an incident.

Liability Coverage

Collision Liability (Running Down Clause)

Collision Liability (Running Down Clause)

Coverage for legal liability arising from damage caused to other vessels or property due to collision.

Protection And Indemnity (P&I) Coverage

Optional coverage for broader liabilities, such as personal injury to crew or passengers, pollution, and wreckage removal.