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Hull Machinery Insurance

Hull Machinery Insurance

Hull Machinery Insurance is intended for fixed or mobile equipment, installations or machinery, exposed to risks arising from operating and working activities.

Guarantees losses or material damage to insured property, as a direct consequence of a sudden and unforeseen accident, due to an external cause not expressly excluded in the Policy, whether or not it is in operation or being assembled or disassembled, namely for repair, cleaning, revision or reconditioning or transfer at the place of risk.

Coverage

Base Covers (as a rule)

  • Crash, collision, rollover and derailment;
  • Falling or crashed aircraft or other flying devices or objects dropped or thrown from them;
  • landslides and landslides, landslides or landslides;
  • Water damage;
  • Manoeuvring errors, carelessness or negligence on the part of the operator, manoeuvre or driver;
  • Theft, robbery or attempted robbery;
  • Accidents occurring during assembly, dismantling and transfer of the insured goods, within the location of the risk;
  • Phenomena of nature such as floods, mudslides, cyclones, hurricanes or storms.

Other risks may be added to the basic insurance cover, namely:

  • Seismic phenomena;
  • Land transport;
  • Strikes, riots and public order disturbances;
  • Acts of vandalism;
  • Work on floating platforms or vessels;
  • Work in galleries, underground works or tunnelling;
  • Removal of debris;
  • Overtime, night work, work on public holidays and fast track transport;
  • Air freight;
  • Operating losses;
  • Damage of internal origin, Machinery Breakdown;
  • Labour Liability.

Care to be taken

Capital to be Insured

The insured value must correspond to the new replacement value, understood to be the purchase value on the date of the claim, new on the market, of an identical piece of equipment and/or of the same type and/or with the same capacities and characteristics, plus freight, assembly and customs duties.

Definition Theft or robbery cover (in general)

  • The theft or unlawful appropriation of insured property through violent acts against people in the place of risk or through threats with imminent danger to their physical integrity, or making it impossible for them to resist, by any means;
  • The subtraction or unlawful appropriation of goods, provided that they are located in closed places or with access restricted to workers on the site and the commission of the act can be unequivocally proven through evidence.

Important Exclusion

Normal wear and tear, ageing, fatigue, rust, corrosion, erosion, cavitation or deterioration due to lack of use, normal atmospheric conditions, incrustation, scratches on painted or polished surfaces and dents not affecting the normal operation of the machine;

Payment of Indemnity

In the case of Total Loss of insured machinery or installations, the Insurer will provide the Insured with compensation corresponding to the value that they had on the date of the loss. For the purposes of the above, the value at the date of the claim shall be understood to mean the purchase price, new, on the same date, of a machine or installation with identical characteristics and performance, increased by assembly costs, normal freight and customs duties, less, however, the value relating to the natural depreciation suffered by the insured machine or installation.

The information contained in this website is merely indicative. The rights and obligations of the parties are defined in the Proposals, Conditions Special and General applicable terms of the respective insurance policies contracted.