Related cover to manage ship owner's risks
In addition to Hull & Machinery, other related coverages that can be bound in order to manage ship owner’s risks would be the following:
- Increased Value – This coverage is placed along with Hull & Machinery in order to insure the full value and additional costs of replacing a vessel if a vessel suffers a total loss
- Loss of Hire – Coverage protecting the ship-owners from a daily loss of income arising from a covered Hull & Machinery peril.
- War Risks – This policy provides similar coverage to Hull & Machinery/Increased Value and Loss of Hires coverages but responds to war risks related perils only which are excluded.