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🚢 '''Hull all risks insurance''' is a form of [[Definition:Marine insurance | marine insurance]] that covers physical loss of or damage to the hull, machinery, and equipment of a vessel from a broad spectrum of perils, unless those perils are specifically excluded. Unlike named-perils policies that enumerate each covered risk, an all-risks structure shifts the burden of proof — the insured need only demonstrate that a loss occurred, and the [[Definition:Insurer | insurer]] must then show that an exclusion applies if it wishes to deny the [[Definition:Claim | claim]]. This type of coverage sits at the heart of the global [[Definition:Ocean marine insurance | ocean marine]] market and is fundamental to commercial shipping, offshore energy operations, and yacht insurance.

⚙️ A hull all risks policy typically attaches to a named vessel and covers hazards such as collision, grounding, fire, explosion, heavy weather damage, and machinery breakdown, subject to the policy's terms and any applicable [[Definition:Deductible | deductible]]. Standard market wordings — notably the [[Definition:Institute Hull Clauses | Institute Hull Clauses]] used in the London market and similar clauses adopted in Nordic, Asian, and other jurisdictions — form the contractual backbone. In practice, the coverage is negotiated between [[Definition:Shipowner | shipowners]] (or their [[Definition:Insurance broker | brokers]]) and [[Definition:Underwriter | underwriters]], often across multiple [[Definition:Coinsurance | coinsurance]] panels. Major hull markets operate in London (including [[Definition:Lloyd's of London | Lloyd's]]), the Nordic countries, Singapore, Hong Kong, and Tokyo. [[Definition:War risk insurance | War risks]], [[Definition:Strikes, riots, and civil commotion (SRCC) | strikes risks]], and certain consequential losses are customarily excluded from the base all-risks wording and written separately. The [[Definition:Premium | premium]] is influenced by factors such as vessel type, age, trading area, flag state, classification society status, and the owner's [[Definition:Loss history | claims record]].

🌍 Hull all risks coverage underpins the economics of global maritime trade by ensuring that shipowners can finance, operate, and secure lending against their fleets. Banks and other [[Definition:Mortgagee | mortgagees]] routinely require evidence of hull insurance before advancing funds, making it a precondition for vessel acquisition. From an industry perspective, the hull market is a bellwether of [[Definition:Underwriting cycle | underwriting cycle]] dynamics: it is highly competitive, internationally mobile, and sensitive to catastrophe accumulation in ports and shipping lanes. For [[Definition:Reinsurer | reinsurers]], hull portfolios contribute to [[Definition:Catastrophe risk | catastrophe exposure]] models — a single port event can trigger losses across dozens of policies. The interplay between hull all risks coverage and related products such as [[Definition:Protection and indemnity insurance (P&I) | protection and indemnity]], [[Definition:Loss of hire insurance | loss of hire]], and [[Definition:Increased value insurance | increased value insurance]] rounds out the risk-transfer architecture on which modern shipping depends.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Marine insurance]]
* [[Definition:Institute Hull Clauses]]
* [[Definition:Protection and indemnity insurance (P&I)]]
* [[Definition:War risk insurance]]
* [[Definition:Loss of hire insurance]]
* [[Definition:Ocean marine insurance]]
{{Div col end}}

Definition:Hull all risks insurance - Revision history

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