The 60-second version
Marine hull insurance covers physical loss or damage to vessel hull and machinery — IRDAI-regulated policy for fishing boats, yachts, and coastal cargo vessels.
Hull covers the vessel — cargo covers goods in transit
Marine hull insurance pays for physical loss or damage to the vessel hull, machinery, and equipment — distinct from marine cargo insurance which covers goods being transported.
Returning NRIs investing in fishing boats, coastal ferries, or yacht charter must buy hull cover before vessel commissioning.
Cargo lane: marine cargo insurance guide for goods-in-transit cover.
Marine insurance lanes
| Policy | Covers | Asset |
|---|---|---|
| Marine hull | Vessel + machinery | Boat / ship |
| Marine cargo | Goods in transit | Export / import |
| P&I club | Third-party liability | Shipowner liability |
| MBD rider | Machinery breakdown | Engine / generator |
Hull purchase sequence
Vessel valuation
Agreed value or market.
Get quotes
3+ IRDAI marine insurers.
Add MBD rider
Machinery breakdown.
Policy issue
Named owner + port.
Annual survey
Class society cert.
Cover stack
Hull kit
- Registration cert.
- Survey report.
- Policy schedule.
- Claim helpline.
- Port clearance copy.
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Agreed value
Insure at agreed hull value — under-insurance triggers average clause on partial loss claim.
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Community signal
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Turn this guide into a decision file
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vs marine cargo?
Hull covers the vessel; cargo covers goods being shipped.
vs open policy?
Open policy is cargo transit declaration — not hull cover.
Yacht charter?
Charter liability rider needed if renting vessel to third parties.
GST on premium?
18% GST on insurance premium.
Fishing boat?
Coastal fishing vessels eligible — DG Shipping registration required.
Claim docs?
Survey report, damage photos, and port authority intimation for total loss.
The plan is only as good as the sequence.
Tax, banking, schools, shipping — they all have dependencies. A wrong order costs months and lakhs. Get it right.