Hull insurance, on the other hand, deals with the insurance of ships, gigantic vessels like tankers, bulk carriers etc., smaller vessels like barges, dredgers, country craft and fishing vessels, trawlers and the like.
The usual perils covered under this Policy are Perils of the seas, rivers, lakes or other navigable waters, Fire, Explosion, Piracy, contact with any craft or similar objects, land conveyance, dock or harbor equipment or installation, earthquake, volcanic eruption or lightning, accidents in loading, discharging or shifting cargo, bursting of boilers, breakage of shafts, negligence of Master, Officer, Crew or Pilots, Sue & Labour expenses, Salvage charges etc.
A duly filled up Hull Proposal Form is required. Age of the Vessel shall be less than 25 years, if it is a singleton vessel. In case not, a special approval is required.
The UAE Government has, by a Cabinet Resolution No. 29 of 2013 made safety regulations mandatory starting from 1st September 2014 for Cargo Ships and Fishing vessels including Barges with a total length of more than 24 meters and total tonnage of less than 500 gross tons and Passenger Vessels with a total length of more than 12 meters but less than 24 meters and carrying less than 200 passengers to comply with the Safety Regulations. These are vessels not covered by the international conventions in GCC countries (GCC Code). An Emirates Classification Society (TASNEEF) has been set up by the Government to carry out the Classification.
Above is a brief narration only, subject to the terms, conditions, exclusions etc. of the concern policies.
