A marine vessel and associated machinery. Also used for aircraft and associated machinery in aviation Insurance.

H & M policies cover all kinds of vessels ranging from a tiny dinghy to an ultra large crude carrier including passenger vessels, yachts. hydrofoils, hovercrafts etc. The Policy covers the Hull, machinery and other equipment and stores etc. on board, but does not cover cargo. The cover granted is so formulated as to meet the requirements of the individual ship-owner and protects the ship-owner against partial loss, total loss (actual or constructive), ship’s proportion of GA and salvage charges etc. The Policy also covers sue and labour expenses and ship owner’s liability towards other vessel arising from collisions. Normally, only 3/4 of the collision liability is covered under H & M Policy and the remaining 1/4th is covered with P & I clubs, Sometimes, the collision liability is fully covered under the Hull Policy. Under certain circumstances, the H & M Policy is extended to cover ship owners’ liabilities towards port authorities for removal of wreck of the vessel and damage done to jetties, docks etc. For small inland vessels lying within the Indian coastal waters, which cannot afford to “enter” their vessels with P&I clubs abroad, the H&M Policy may be extended to cover balance 1/4th Collision Liability and ship owner’s liabilities towards Port authorities for removal of wreck of the Vessel and damage done to jetties, wharfs, docks etc. (P&I risks) at additional premium.

Marine or aviation insurance covering damage sustained to an insured vessel or airplane.
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Aircraft Insurance Policy : See Also: “Aviation Insurance, Aircraft Insurance.”

Ocean marine insurance covering physical damage to the ship or vessel insured. Usually written on an all-risks basis.
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In ocean marine and aviation insurance, coverage for physical damage to a vessel or aircraft.

An insurable interest relating to a ship or the operation of a ship (e.g., freight, disbursements etc.).

Clauses in a Marine Hull Policy which override anything in the policy with which they are inconsistent. Notably, war risk exclusion.

An ocean or river marine or aviation Insurance contract covering the ship or plane (aircraft) itself.

For vessels plying within a named port area or port limits the widest cover will be as per ITC Hulls Port Risks which provides 4/4th Collision Liability and Protection and Indemnity risks as per its clause 9 up to a Vessel’s Hull and Machinery Sum Insured. The difference between ITC Hulls 1.10.1983 and ITC Hull Port Risks are: Navigation: the vessel has leave to proceed to and from any wet or dry docks, harbors, ways, cradles and pontoons within limits specified in the PolicyEquivalent to ITC Hulls but excluding Earthquake and Volcanic eruption perils.Collision: Only the share of the insured value covered by the insurersP&I: P&I Indemnity provided is in addition to the indemnity provided by the other terms and conditions of this insurance.Deductible: Similar to ITC Hulls except that provisions relating to heavy weather damage are omitted.Returns for cancellation: Pro-rata monthly net for each uncommented month.All other clauses similar to ITC Hulls except that (a) Continuation Clause (b) Breach of Warranty Clause and (c) Freight Waiver Clause do not appear in the Port Risk Clauses.Hull Returns : Returns of premium allowed under a Hull Policy, notably when the vessel insured is laid up.

A group of companies which agree to share or prorate insurance on oceangoing vessels or aircraft. Coverage on the ship or plane itself is called Hull Insurance.