Covering damage or loss of an insured’s marine vessel and equipment.
If you have a commercial marine vessel, having Hull & Machinery coverage is part of doing business. This critical coverage protects your hull, machinery and onboard equipment in the event of a number of perils encountered while on the water, including collision with another vessel, natural obstacles and other structures as well as storms and other natural disasters.
At Continental Underwriters, we have the experience to consider all the risks your specific vessel or fleet may encounter and design a policy that includes the appropriate types and amount of coverage to protect your business. We can provide Hull & Machinery coverage for practically any type of marine vessel, including barges, crewboats, towboats, research vessels, liftboats and much more.
Coverage limits and premiums are determined based on a number of factors, including:
- Condition of the vessel
- Age, size, construction, horsepower and value of the vessel
- Where the vessel operates
- Experience of the owner, captain and crew
- Loss history
- What the vessel is used for (type of towing, cargo, etc.)
- Up to $5,000,000 for primary marine liabilities
- Up to $120,000,000 for any one hull