Hull InsuranceMarine Hull Insurance

1. Hull Insurance for ocean vessels

Subject - matter Insured:
The ships operates in international maritime routes which were certificated by Vietnam Register or the equivalent foreign registry agencies.

Scopes of Insurance:
This insurance covers loss of or damage to the subject-matter insured caused by
- perils of the seas rivers lakes or other navigable waters
- fire, explosion
- violent theft by persons from outside the Vessel
- jettison
- piracy
- contact with land conveyance, dock or harbor equipment or installation
- earthquake volcanic eruption or lightning
- accidents in loading discharging or shifting cargo or fuel.
- bursting of boilers breakage of shafts or any latent defect in the machinery or hull
- negligence of Master Officers Crew or Pilots
- negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
- barratry of Master Officers or Crew
- contact with aircraft, helicopters or similar objects, or objects falling therefrom

2. Hull insurance for river/coastal vessel:
Subject - matter Insured:
Vessels operating in lakes, rivers, inland waters and territorial waters of Vietnam under the certificates of Vietnam Register or the equivalent foreign registry agencies.

Scopes of Insurance:
The Assured may be covered for Hull insurance under one of the following “A” or “B” Conditions: 

Condition A

Condition B

a)Contact with other vessel, aircraft, land or water conveyance;

b)Stranding, contact with submerged or floating objects mobileable or fixed (excluding bombs, mines and torpedoes);

c)Fire, explosion on board the vessel or elsewhere;

d)Jettison for whole or apart assets on board vessel or vessel as taking such measures may be reasonable for saving crew and/or insured vessel and/or properties on board the insured vessel from dangerous situation;

e)Missing;

f)Earthquake, land-slide, volcanic eruption;

g)Storm, tsunami, cyclone, hail, lightning;

h)Accidentinloading,dischargingorshiftingofcargo,fuel, materials or whislt vessel insured lies at anchor, in dockyard or in workshop;

i)Burstingofboiler,breakageofshaftoranylatentdefect provided that latent defect were not found in regular inspection by Classification Society. In this event, the consequence of loss is recoverable excluding such boiler or shaft. The exclusion shall not be applied to the loss of and/or damage to the boiler or shaft caused by other risks insured;

j)NegligenceofMaster,Officers,Crew,Pilotsorrepairers provided that they are not the Assured or whose hold shares in the Vessel;

2. The Assured may be more recovered the necessary and reasonable expenses from BIC in the following cases:

a)Minimising losses,

b)Assistanceorsalvageexpenseswhensuchexpensesarenot received from person who is assisted or salvaged.Expenses of legal action;

c)Survey of damage and loss covered by this insurance;

d)Contribution to general average due to jettison for saving the insured vessel;

e)Survey of the vessel bottom after stranding, even if damage is not found.

1.Total loss or Constructive total loss or Partial loss of or damage to the subject-matter insured directly caused by:

a)Contact with other vessel, aircraft, land or water conveyance;

b)Stranding, contact with submerged or floating objects mobileable or fixed (excluding bombs, mines and torpedoes);

c)Fire, explosion on board the vessel or elsewhere;

d)Missing;

e)Earthquake, land-slide, volcanic eruption, hail, lightning;

f)Storm, tsunami, cyclone, hail, lightning;

g)Accidentinloading,dischargingorshiftingofcargo,fuel, materials or whislt vessel insured lies at anchor, in dockyard or in workshop;

h)NegligenceofMaster,Officers,Crew,Pilotsorrepairers provided such repairers are not the Assured or who hold shares in the Vessel;

i)Expenses necessarily and reasonably incurred by the Assured to take measures properly in avertingand minimizing losses which may cause any claim under this Hull Insurance Condition “B”.