What is Hull and Machinery Insurance?

Vessels are insured on Institute Time clauses (Hull) against the following marine perils:

1. Total loss and Constructive Total loss
2. Particular Average (A partial loss proximately caused by an insured peril)
3. Perils of the sea, lakes or other navigable waters
4. Fire, explosion
5. Violent theft by persons from outside the vessel
6. Jettison of cargo
7. Piracy
8. Boiler explosions
9. Stranding/grounding damage
10. Damage due to heavy weather
11. Fire
12. Damage occasioned by crew negligence

In any insurance policy, there are always exclusions i.e. certain types of losses that are not covered by the hull underwriters. These are: