Pioneer Insurance, through the Hull unit, offers various covers that protect the interests of shipowners, managers, operators, bareboat charterers, mortgagees, and shipyard owners from losses incidental to a marine undertaking. The company remains the largest hull insurer in the local market.
Depending on the extent and type of protection required, the following coverages are available:
HULL & MACHINERY (H&M)
Hull & Machinery Insurance is a time policy covering loss of or damage to the ship, its machinery and equipment. Depending on the agreed cover, the policy may also include cover for General Average, Salvage, Sue and Labor, and Collision Liabilities.
INCREASED VALUES (I.V.)
An extension of a ship’s Hull & Machinery cover, this policy responds only in the event of Total Loss of the vessel.Â
WAR & STRIKES
A complementary clause to a Hull & Machinery policy, War & Strikes Insurance provides for losses or damages that are proximately caused by any of the following: war, civil war, rebellion, capture, seizure, derelict weapons of war, strikers, terrorists, etc.
