Hull & Machinery Insurance

Marine insurance covering the vessel itself against perils of the sea, fire, collision, grounding, heavy weather, machinery failure, and other named risks. The standard wording is the Institute Time Clauses (Hulls) 1.10.83, with newer International Hull Clauses 2003 used by some markets. H&M covers the hull, machinery, equipment, and a 3/4 share of running-down liability for collisions; the remaining 1/4 RDC and broader liabilities sit with the P&I club. Cover is placed through the London, Nordic, or Asian markets via brokers, with premium driven by claims record, vessel age, and trading area.