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What is Hull & Machinery Insurance?

Hull & Machinery (H&M) Insurance is a type of insurance that secures physical damages that ships and marine vessels may incur while at sea, in port, or under maintenance.
It provides protection against risks such as collisions, sinking, fire, explosion, or grounding. Panacea Insurance offers comprehensive policies suitable for every ship type and operational condition. Damages occurring in maritime transport affect not only ship owners but also commercial obligations. Therefore, Hull & Machinery Insurance is a fundamental element of financial security for both commercial and private marine vessels.

What is War Insurance?

War Insurance ensures the protection of ships against extraordinary risks such as war, rebellion, sabotage, piracy, or mines. It is generally issued together with Hull & Machinery Insurance and expands the scope. Thanks to this policy, ship owners obtain full guarantee against both natural and man-made risks.

How Hull & Machinery and War Insurance Work?

• 1. Evaluation: Ship type, tonnage, route, and voyage frequency are analyzed.
• 2. Policy Issuance: Hull, machinery, equipment, and war coverages are determined; the premium is calculated.
• 3. Claim Management: When an accident or war risk occurs, a survey is conducted, and compensation is paid in a short time.

Policies are generally valid for a 12-month period. Optionally, single-voyage policies can also be prepared.
Panacea Insurance experts manage the process from start to finish and guide ship owners at every step.

Coverage Scope

• Damages resulting from collision, sinking, storm, fire, or explosion,
• Machinery, equipment, and electronic equipment damages,
• Salvage, towing, or wreck removal expenses,
• Losses occurring due to piracy or war,
• Physical damages occurring during port operations.

The policy covers all risks the ship may be exposed to while sailing at sea, waiting in port, or during maintenance. For ships engaged in cargo transportation, a wider guarantee is obtained by integrating it with Marine Cargo Insurance.

Advantages

• Provides comprehensive protection against maritime transport risks.
• Can cover extraordinary risks such as war and piracy.
• Complies with international maritime insurance standards.
• The process is easy and transparent with Panacea Insurance consultancy.
• Offers ideal solutions for fleets with high coverage limits.

Hull & Machinery Insurance is a mandatory safety net not only for ship owners but also for maritime firms engaged in leasing or operation. Thus, both operational continuity and financial stability are protected.

Exclusions

Policies do not cover losses resulting from intentional damage, nuclear risk, crew negligence, or lack of maintenance. War coverage is subject to special conditions in active war zones.
Panacea Insurance clearly notifies all exclusions before the policy.

Legal Basis

Hull & Machinery and War Insurance is prepared based on the regulations of the Insurance Association of Türkiye. Additionally, regulations are tracked via the SEDDK Legislation Page. These regulations determine the legal framework of the policy and the rights of the insured.

Why Panacea Insurance?

Panacea Insurance generates special solutions for every ship type with its experience in the maritime field. Policies are shaped according to the ship’s structure, voyage frequency, and operational region.
Furthermore, full protection is provided by combining it with complementary products such as Business Interruption Insurance. Get a quote today and secure your fleet. In conclusion, Hull & Machinery Insurance and War Insurance minimize financial risks in maritime transport and guarantee the continuity of the fleet. Manage your risks and protect your investments with Panacea Insurance.