Hull & Machinery Insurance Calculator

What the H&M calculator measures

Enter the proposed insured value of the ship and machinery in a single currency. The current H&M calculation applies 1% once for a 12-month period. This is useful for owners, vessel buyers and fleet managers preparing a renewal or purchase budget.

USD 1 million × 1% = USD 10,000 per year; USD 5 million × 1% = USD 50,000; USD 10 million × 1% = USD 100,000. These are hypothetical calculation examples rather than offers for a particular vessel.

Hull damage and liability are different exposures

H&M concerns physical damage to the insured ship and machinery under its agreed wording. Repair provisions, deductibles and exclusions determine which costs are recoverable. A machinery failure needs careful examination of the failed part and resulting damage; wear and maintenance are not interchangeable with an insured casualty.

Reference: Nordic Marine Insurance Plan, Chapter 12: hull damage provisions. This reference describes its own framework and does not establish MarineEnergyCover’s authority or the terms of an individual placement.

Prepare a vessel-specific submission

• Vessel name and IMO number, flag, vessel type and year built.
• Proposed insured value and valuation basis, classification society and current survey position.
• Registered owner, operator and management details.
• Trading limits, intended operations, planned changes and requested inception date.
• Claims history, deductibles and any lender or charter requirements.

Choose the right calculation for your operation

A tanker seeking indicative tanker H&M should select Tanker Insurance, which uses its separate 1.50% annual setting. For multiple ships, Fleet Insurance calculates 1% for each vessel and shows the selected eligible discount separately. P&I needs an individual liability assessment.

Adding Hormuz war risk creates a second calculation at 5% with its own selected coverage period. Annual H&M and transit-only war risk should not be described as the same-duration package.