Hull Insurance

Hull and machinery insurance covers physical loss of or damage to the vessel itself, plus a proportion of collision liability under the running-down clause. The two dominant wordings are the Institute Time Clauses Hulls 1983 and the International Hull Clauses 2003, each setting perils, warranties, and the sue-and-labour duty. Hull cover sits alongside the owner’s P&I entry, which carries the third-party liabilities the hull policy excludes, and the war-risks policy, which carries perils the hull policy specifically writes out.