Pleasure Hull Insurance
What is Pleasure Hull Insurance?
A hull means the body of the vessel and that is exactly what is covered by this insurance policy. Pleasure Hull insurance policy specifically designed to provide coverage to water vehicles like a boat, ship, yacht, fishing boat, steamer, etc. FG insurance provides financial protection in case of any damage to the vessel's body (hull) and the machinery due to risks covered by the policy. It covers the owners of watercraft or aircraft against loss resulting from damage to their craft.
What you should consider?
Ships can be damaged at any time, if you own or operate a ship, the owner surely suffers great financial loss if working without the insurance. This covers all types of vessels operating into the oceans, lakes or rivers like bulk carrier, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs. The policy plays a great role by helping boat owners to secure their vehicles against machinery damage and destructions of hull, fitting, liabilities etc.
Did you know?
Boats reported as stolen to police between 2015 and 2019.
(New Zealand stuff.co.nz/national/crime July 2019)
Estimated the total number of boats in New Zealand according to the Marine Industry Association.
(New Zealand stuff.co.nz/national/crime July 2019)
The recovery rate for stolen boats.
(New Zealand stuff.co.nz/national/crime July 2019)
Types of Pleasure Hull Insurance Covers
Vessels insurance
This covers accidental loss or damage to the vessel anywhere in the agreed navigational limits set by the policy.
Ship repairer's liability
This can cover the legal liability ship repairers face for loss and damage occurring while a vessel or craft is in their care, custody, or control.
Third Party Liability
This covers third party liability such as cover for losses or damages caused by your vessels to other ships or boats or injury to the ship workers.
What can it cover?
There are different types of marine-related insurance policies – the choice of policy will vary based on the specific needs of the insured. Depending on the type of policy, Pleasure Hull insurance policies can cover:
| Type of Cover | Potential benefits |
|---|---|
| Damage to the hull of the ship or vessel, including its machinery and equipment. | Coverage for damage or loss to the ship due to fire, burglary and/or theft. |
| Explosion and lightning | Cover for explosion and lightning may or may not be covered under the more common coverage for fire. |
| Malicious damage | Damage caused by Malicious acts, vandalism, and sabotage by third parties. |
| Insured events | Covers only the specific events as defined by the insurer. Common examples include, but are not limited to fire, collision and/or overturning. |
| Collision | Damage caused due to the collision of the carrying vehicle, vessel, train, airplane. This covers both a collision between two modes of transport as well as the conveyance colliding with a static object such as a bridge, wall, tree etc. A full cover may also include loss or damage due to goods falling from and within the vehicle. |
| Damage during loading and unloading | Caused by droppage if this is not an excluded event listed under a specified risks policy. |
What is usually not covered?
CASE STUDY
Nicola's private boat was his pride and joy. He loved nothing more than spending time on the water with his family and friends, exploring the beautiful coastline and fishing for his favorite catch. One day, while on a fishing trip, disaster struck. Another boat's controls malfunctioned, and it collided with Nicola's boat, causing significant damage to the fiberglass and paint.
Nicola was devastated. His beloved boat was his sanctuary, and he couldn't bear the thought of losing it. However, he had the foresight to obtain Pleasure Hull insurance, which covered the losses, damages, and cost of repairs resulting from the accident. Thanks to his insurance coverage, Nicola was able to get his boat repaired quickly and return to enjoying his time on the water with his loved ones.
Fortunately, his insurance policy covered the costs of repairing the property damage caused by the leak, including repairing the ceiling and the roof drain. Additionally, it also covered the cost of replacing John's furniture and other belongings that were damaged due to water exposure.
Why choose FG Insurance?
At FG Insurance, we offer the clients an option to include several extras to their basic marine insurance. These include, but are not limited to sports equipment, cover against costs associated with an oil spill from the craft, coverage for any other driver or a berth holders liability event.