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It is an agreed valued annual operational policy covering the physical damage to the hull and machinery of the vessel as also the liability of the shipowner.
It is an agreed valued annual operational policy covering the physical damage to the Hull and machinery of the vessel as also the liability of the ship owner to the opponent vessel in case of a collision with another vessel. The proposal form and coverage differs for different vessels as per their registration/ operational area (trading) given below:
1) Ocean going vessels registered under Merchant Shipping Act, 1958
2) Coasting Vessels Act, 1838
3) Inland vessels Act , 1917
The following are the underwriting factors based on which the Insurance Company to releases their quote.
1) The Registration Certificate,
2) Proposal form which gives the details of the vessel like year built, GRT, trading area, Class etc.
3) The claims experience of the client
Therefore, the client is required to provide the above information for the Insurance Company to obtain quote for their vessel.
