Hull insurance is taken to cover?

Assessment: WAEC SSCE - Commerce - 2002 (Objective) Subject: Commerce

Question 1 Report

Hull insurance is taken to cover?
Answer Details
Hull insurance is taken to cover damage to the body of the ship. It is a type of marine insurance that provides coverage for physical damage to a ship or vessel, including its hull, machinery, and equipment. It is intended to protect ship owners from financial losses in the event of damage to their vessel, which can be caused by a variety of risks, such as collisions, accidents, or natural disasters. By taking out hull insurance, ship owners can have peace of mind knowing that they are protected against potential losses resulting from damage to their ship.
Read lesson note on Commerce (JAMB)
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