H&M covers the assured’s economic interest in the ship and its equipment’s capital value by covering total losses and cost of damage repairs. It also contains an element of liability insurance and costs of measures to avert or minimize the loss, including salvage awards and general average.
What can be covered?
- Total loss of the vessel or damages to vessel’s hull, machinery or equipment caused by the Perils listed in policy;
- Losses due to missing of the vessel;
- Vessel’s proportion of salvage and/or general average;
- Reasonable expenses for the purpose of averting or minimizing a loss under the hull cover.
Read more about the HULL CLAUSE
INSTITUTE TIME CLAUSES - HULLS
INSTITUTE TIME CLAUSES - HULLS - PORT RISKS
INSTITUTE TIME CLAUSES - HULLS - PORT RISKS including LIMITED NAVIGATION
INSTITUE WAR AND STRIKES CLAUSES - HULLS - This insurance is subject to English law and practice
INTERNATIONAL NAVIGATION LIMITS - INL
The Nordic Marine Insurance Plan of 2013, Version 2023
What is the main difference between the different market conditions?
Cover under Nordic Marine Insurance Plan and German ADS/DTVH conditions are based on “All Risks”, while Institute Time Clauses – Hulls, American Institute Hull Clauses and Institute Standard Dutch Hull Form are based on “Named Perils”.
As to insured perils, H&M may be based on “All Risks”-cover, where all perils are insured against unless they are specifically excluded, or “Named Perils”, where only perils mentioned in the insurance conditions are covered.
