Hull and Machinery (H&M) Insurance

Amana Marine offers comprehensive Hull and Machinery (H&M) insurance, which can be provided in addition to Amana Marine P&I cover. This exclusive service is available only to Amana Marine Members and their entered vessels. The typical upper limit of cover is USD 2 million, though higher limits are available upon request.

The scope and terms of Amana Marine’s H&M cover are based on the globally recognized ITC Hulls 1/11/95 clauses. Members can select either ITC ‘95 Full Terms (CL.280) or ITC ‘95 Restricted Terms (CL.289), along with appropriate ITC ‘95 War and Strikes cover.

Summary of Asset and Liability Cover Provided by ITC '95 Full Terms Clauses:

SHIPOWNER ASSET DAMAGE AND LOSS

➢ Actual Total Loss of the Vessel or a Constructive Total Loss (CTL) caused by an insured peril.

        .    A CTL will be deemed to occur when the cost of salvage and repair exceeds the policy’s insured value.

        .    Insured perils include Perils of the Seas, Fires & Explosions, Robbery & Piracy, Jetty Contact, Earthquakes &                    Eruptions, Cargo Accidents, Bursting of Boilers, Negligence of Master, Crew, and Pilots, Negligence of Repairers              or Charterers, and Contact with Helicopters, Aircraft, or Objects Falling from Them.

➢The reasonable cost of repairs or replacement of parts due to partial damage to the hull, machinery, or equipment caused by an insured peril.

SHIPOWNER LIABILITIES

 ➢ 3/4ths Collision Liability (unless agreed to be 4/4ths under P&I), along with associated legal defense costs.

 ➢ Sue and labor expenses incurred by the shipowner to minimize losses.

 ➢ Salvage costs incurred to save the vessel and her crew.

 ➢ General Average expenses and the shipowner’s contribution.

Additional standard H&M clauses may be agreed and included, along with other Amana Marine terms, such as designating a mortgagee bank as the policy beneficiary.

LOOKING FOR MORE

COVERAGE?