CMFAS CGI Marine Cargo & Hull Insurance question: the range and basis of marine hull cover

CMFAS CGIMarine Cargo & Hull Insurance

Which statement about the range and basis of marine hull cover is correct?

A Hull is always written on a single-voyage basis, exactly as cargo cover is written
B Hull cover can never be restricted and must always be written as wide all-risks cover
C Hull is normally on a time basis, ranging from wide perils cover to restricted forms such as total loss only
D Hull cover takes in the bare hull structure but excludes the machinery and equipment entirely

Show the answer and explanation

Answer: C. Hull is normally on a time basis, ranging from wide perils cover to restricted forms such as total loss only

Hull is normally written on a time basis and hull policies can range from wide all-risks-style perils cover down to restricted forms such as total-loss-only, depending on the owner's needs and the vessel's age and value.

Common mistake

Forcing hull onto a voyage basis, or denying that restricted total-loss-only forms exist.

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CMFAS CGI Marine Cargo & Hull Insurance question: the range and basis of marine hull cover

Answer: C. Hull is normally on a time basis, ranging from wide perils cover to restricted forms such as total loss only

Common mistake

Related CMFAS CGI questions

CMFAS CGI Marine Cargo & Hull Insurance question: the range and basis of marine hull cover

Answer: C. Hull is normally on a time basis, ranging from wide perils cover to restricted forms such as total loss only

Common mistake

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