What is the difference between Marine hull and marine cargo policies?
3 Answers Answer
Marine Cargo Insurance : covers loss of or damage to the goods carried in a vessel or aircraft, whether on domestic or international journeys
Marine Hull Insurance : covers loss of or damage to a vessel or aircraft or its machinery or equipment
The difference is in the interest insured. marine hull cover include hull and machinery of the vessel and the third party liability.In calculations of the premium in respect to the marine hull we consider the age of the vessel.
Marine cargo cover the goods carried in a vessel from the country (place) of origin to the final destination. In the calculations of the premium in respect to the marine cargo we consider the level of cover and distance that cargo travels
- Marine hull Insurance is basically the insurance of all types of vessels including (Motor tankers, Bulk Carriers, Combe Vessels, Yatchs, Pleasure boats etc), and covers loss to Hull i.e. Structure of Ship and Machinery as well. Regarding Calculations of premium several things are taken in to account i.e. year of Built, Nature of Vessel, Useful life of vessel, Trade routes etc.
- Marine Cargo is basically insurance of Cargo on these vessels, aircrafts, locomotive etc. i.e. movement of cargo from one point to another through above mentioned modes. Premium calculations are based on a number of things, which includes Nature of Cargo, Delivery route, Mode and Delivery method i.e. whether by air, by sea or by road etc.. Many thanks.
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mukkur srinivasan varadhan
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