Piracy of ships has been on the rise in recent years. One of the most common cases that grabbed the world's attention have been the attacks by the Somalian pirates, thus endangering several ships in the Indian Ocean till date.

Apart from the fear of piracy, there are several other risks that are faced by the ship owners. These include dangers arising due to fire, earthquake, lightning and the risk of sinking or stranding of the ship. In all such cases, the main question that arises is what to do to protect the ships and the cargo from such unforeseen events? Ship owners and operators may have taken all the key security measures for its safety but this does not reduce the risks that ships face while in transit.

Most companies who have dealings in the shipping business or use it as a source of revenue and goods transit avail marine Insurance to get indemnified in case the cargo is damaged. Not many are aware that Marine insurance is a comprehensive term that includes cargo insurance, freight insurance, marine hull insurance etc. While the whole comprehensive policy is quite feasible to take, here we will focus on the benefits of the marine hull insurance.

"Hull" is the body and torso of the ship. So, marine hull insurance is basically directed to owners, manufacturers and financiers of the ship. It is aimed at protecting the ship, its machinery and equipments from unforeseen dangers. It applies for all kinds of vessels navigating in any permissible water body.

There are several ways in which insuring your ships will help you. Listed below are the benefits of a marine hull insurance policy that is a must for the ship owners in order to protect their carriers.

1. Protection against natural disasters:
Natural disasters
are inevitable. They can occur at any time and certainly, one does not have any control over these unwelcome dangers. Natural disasters that may affect your ships are lightning, earthquake and fire that may or may not have arisen due to the negligence of the crew members.

These can be dangerous for the cargo and the crew and may also lead to extensive damage to the ship's machinery or loss of ship. A marine hull insurance policy protects you from the huge losses that you may have to incur in such cases.

2. Protection against theft by outside party:
Theft committed by an outside party may lead to considerable damage to the equipments of the ship. While this might seem to be a rare case, but, in today's world, the dangers cannot be ruled out completely.
Attack by thieves may involve fighting with dangerous weapons that may lead to damage to the ship thus, making it dysfunctional too.
A marine hull insurance is helpful to cover the cost of ship repair.

3. Piracy cover:
As mentioned earlier, piracy of ships has become quite common these days. The pirates often indulge in kidnapping of the crew and stranding the ships for several days in return for their demands to be met. In this period, a lot of equipments, machinery and cargo is damaged leading to business loss and costs of repair.

Without a suitable hull insurance policy, it becomes very difficult to repair the damage done to the ships, if rescued. The marine hull Insurance policy can be a source of great relief at such a time.

4. Damage due to over-turning or ship derailment:
Over-turning or derailment of the ship can be quite unfortunate. The dangers in the water however, can never be countered completely. There may be derailment of the ship due to any reason like a big iceberg in the way that could not be passed by at the right time with the available security measures. The resulting loss of the ship can be really costly to bear along with all the legal expenses that might accompany it.

This is where a marine hull policy comes into effect to cover the costs arising due to it and assure uninterrupted business.

5. Liability incurred due to collision:
Collision with some object may lead to damage to the ship that can be costly to repair. A marine hull insurance policy indemnifies you of such costs. Along with it, it also covers the liability you may incur due to collision with some other ship mistakenly, extensively damaging it.

So, you must avail a marine hull insurance policy to protect your ship carriers because their maintenance is quite necessary for safe transit of the goods.