Who Needs Hull Coverage?
STACO Insurance Plc. recognizes that all ship owners and/or operators of inland and coastal vessels need commercial hull coverage The cover provides for coverage's of hull which may include Bull Builders Risk, Yachts, Charter Boats.
Commercial Hull Coverages
We provide hull insurance for the following vehicles:
- Passenger vessels
Coverage of Policy
Coverage may include but is not limited to the following:
- Damage to machinery and other equipment and apparatus installed on the vessel
- Additional coverage for excess collision liability and strikes, riots and war risks
- Collision liability which shall exceed the value of the vessel
- Physical damage caused by marine perils including fire and explosions.
Who are our customers
We entertain all types of customers to satisfy our customers which may range from those firms which engage in waterfront activities, as ship repairers and boat builders to marine contractors and Marine transportation companies, and dredging companies.
Hull And Fishing Boats Insurance
Institute clauses cover all hulls and machinery with the exception of fishing boats. Specifically they cover Voyage, Ship Builders Risk, Ship Repairs Liability, Hull, Machinery Protection & Indemnity Liability, Crew Liability, and Passenger Liability.
- Institute Time Clauses-Hulls
This policy is usually for a specific period, often one-year except for the voyage insurance policy which is for the entire journey. The policy covers partial losses or total loss against all risks.
- Institute Time Clauses-Total Loss.
The cover does not extend to cover collision liability and is strictly limited to total loss of the insured ship. It also concentrates on small vessels where the party taking the insurance is ready to bear the cost of his own repairs without need for insurance.
- Institute Time Clauses-Port Risks
Port Risk clauses are so named sine they are used to insure vessels operating within the port. They cover partial and total loss against specific dangers which may include the following:
- Legal liability for loss of life or personal injuries to 3rd parties.
- 3rd party protection and indemnity liability covers
- collision liability or legal liability by way of damages for loss of or damage to any other vessel or property.
- Builders' Risks Clauses
This cover necessitates the proposer to declare the estimated turnover for the year starts when the keel is laid and ends upon construction and finalization of tests. It affords comprehensive coverage during all stages of construction and also covers equipment at location. It is effective when the proposer seeks to build the vessels while construction is on-going Ship Repairs' Liability.
- Ship Repairs' Liability
The insurer under this policy will only cover the liability of the repairers towards the ship owner in respect of any loss/damage, which may occur to vessels in the ship repairers' at his ship repairing yard.
- Institute Voyage Clauses
This cover spans a specific number of days which is set as those needed to complete the voyage between two ports. It covers the total loss of the vessel.
You can extend the covers available
- Crew Liability Cover
- Terrorism Cover
- War and Strikes, Riots and Civil Commotion Cover
- Passenger Liability Cover
How do I get Hull Insurance?
A certificate of seaworthiness must be produced prior to commencement of risk. Nevertheless, we can start processing the application when you complete our proposal form for Hull & Machinery and send it to us/ We shall provide you with a valid valuation report and a quotation backed by Worldwide Reputed Reinsurer
How do I get Fishing Boats Insurance?
A valid valuation report and a certificate of seaworthiness must also be produced prior to commencement of risk. Upon production, you must complete our proposal form for Fishing Boats and send it to us. We shall then provide you with a quotation.