Marine Hull and Machinery

Opal’s expertise in local and international market for Marine Hull and Machinery insurance covers protection for the hull and machinery in all kinds of vessels. Our insurance solutions have provisions from anything from a fishing boat, small private yachts to VLCC’s .

These covers vary according to different ITCs (Institute Time Clauses):

ITC.280  the owner is fully covered for all Hull and Machinery loss and damage within the applicable deductible mentioned in the insurance agreement.

ITC 280 – Free of particular average – This covers the owners losses but only in accordance to the named perils. Such as Fire, Lightning, Explosion, Grounding, Stranding,  or if your vessel was in a direct collision with another ship, vessel or object.

ITC.284 meanwhile, only covers your vessel against a  total loss (actual/constructive). As a result, unless a claim matches the insured value of the vessel (sum insured),  No claim will be paid.