Hull Insurance
Hull insurance is a type of marine insurance that covers physical damage to a ship's hull, machinery, and equipment. It provides protection against a range of risks, including collisions, grounding, fire, and piracy. Hull insurance is typically purchased by shipowners to protect their vessels from financial losses that may result from damage or loss. The coverage may also include liability for damage to third-party property or injury to third-party individuals caused by the insured vessel. Hull insurance is an essential component of risk management for shipowners, as it helps to mitigate the financial impact of unforeseen events that can cause significant damage to a vessel.
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