Marine hull insurance covers damage to an insured vessel, its machinery and equipment. Insurers usually use the Institute Time Clauses (Hulls), the standardized clauses developed by the Institute of London Underwriters. Builders risk insurance, typically written on all risks basis, covers a vessel and related property and materials from the start of shipbuilding construction through launching, sea trials and the final delivery to the customer. Loss of earning insurance protects the ship owner or operator from a daily loss of income arising from the insured damage to the vessel. Other types of insurance provided under the hull cover include port risk insurance, increased value and excess liabilities insurance, freight insurance and war risk insurance.
What is Cargo Insurance?
Cargo insurance is designed to provide comprehensive coverage for goods in transit. Any goods that are to be consumed on a vessel or at a private property, such as food and expendable supplies, are not covered by cargo insurance. The insured may be manufacturers, importers and exporters, logistics companies and commodity traders and so forth. Insurers usually use the Institute Cargo Clauses, the standardized clauses developed by the Institute of London Underwriters.
What is Aviation Insurance?
Aviation insurance provides coverage against a wide spectrum of risks involving aircraft operation, maintenance and storage. Most insurers use Aviation Policy Clauses (AVN), the standardized clauses developed by the International of Aviation Insurers.Various types of aviation insurance are as below:
Airlines insurance covers hull and liability risks for passenger and cargo airlines
General aviation insurance provides hull and liability cover for smaller aircraft and helicopters
Aerospace insurance is designed to cover satellite launch or orbit risks and other aerospace industry risks, which involve airport operation, air traffic control and aerospace products liability.
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