GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Hull Insurance
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Social Insurance
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Group Insurance
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Renters Insurance
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Detailed explanation-1: -Hull insurance protects vessels against damage and destruction of hull, machinery, fittings and freight. The range of risks such as fire or explosion, sinking, capsizing, derailment, burglary, jettisoning, piracy, earthquake, volcanic eruption or lightning is covered by the policy.
Detailed explanation-2: -Hull and machinery insurance excludes radioactive contamination, chemical biological or electromagnetic weapons and cyber attack. War risks are also a general exclusion from hull and machinery insurance.
Detailed explanation-3: -Limited Terms or Total Loss Only. Actual Total Loss to the Vessel. Constructive Total Loss to the Vessel. General Average Contribution. Salvage Award. Salvage Charges. 3/4th Collision Liability. Sue & Labour Charges.