Marine Hull Insurance of vessel and its equipment’s are included under this cover, there are a number of classification of vessels such as ocean steamers, sailing vessels, builders, risks fleet policies and so on.
This is an insurance against accidents causing damage to the vessel or capsizing .It covers ship owners, operators and those having insurable interest in the same.
Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as "Hull and Machinery" (H&M). A more restricted form of cover is "Total Loss Only" (TLO), generally used as a reinsurance, which only covers the total loss of the vessel and not any partial loss.