Iran Insurance Co. (Bimeh Iran) offers H&M and P&I insurance covers for different types of carrier vessels including container or bulk cargo ships, passenger, fishing vessels as well as oil tankers .

Hull and Machinery of insured vessels are covered according to the standard international insurance clauses.

Vessels Hull and Machinery insurance is presently based on the clauses designed by London Insurers’ Institute. The mentioned clauses are quite standard and used in all accredited insurance institutes of the world.

In Marine Hull and Machinery insurance the insurance company is liable for indemnifying damages to Hull & Machinery of the vessels according to the type of cover.
In some types of coverage, ¾ (three-fourth) of the responsibility due to collision and also General Average are covered. Therefore in Vessel Insurance, the damages due to the following risks are covered.

· Fire and explosion
· Storm
· Running aground or colliding against rocks.
· Collision of insured vessel with another vessel.
· Collision of the insured object with land motor vehicles, equipment, repair basin and coastal installations.
· Collision of airplane with similar vehicles or objects that fall from them to the insured vessel.
· Earthquake, volcano or lightning.
· Accident due to loading, discharging or transport of goods (fish, cargo in fishing vessels).
· Blast of steam boiler, shaft break.
· General average and salvage expenses.
· Damage sustained by hunting tools and devices (regarding hunting vessels).

•      · Loss of or damage to any other vessel property.
•      · Delay to or loss of use of any such other vessel or property.

     · General damage or saving expenses that are incurred through a collision f a vessel with other vessel in order to save vessel or its properties.

These clauses are very varied and each clause indicates a special coverage. The following are the most important of them:

1. Clause No. 280 (Time) All Risk.

2. Clause No. 284 (Time) General Damage, Liability for Collision, Public Loss and Saving Charge.

3. Clause No. 289 (Time) General Damage plus Saving Charges.

4. Clause No. 346 All Risk for Hunting Vessels.

5. Clause No. 281 (War Risk).

• Clause No. 280

This clause is one of the most complete insurance coverage under which the insurance companies undertake the maximum obligations and cover all damages (total and partial). The most important risks covered by this clause are:

1. Perils of the Sea

2. Fire and Explosion

3. Jettison

4. Contact with land conveyance, dock or harbor equipment or installation

5. Accidents in loading, discharging or shifting cargo or fuel

6. Bursting of boilers, breakage of shafts

7. Negligence of Master’s officers, crew or pilot

8. ¾ Collision Liability this means that in case a vessel collides with another vessel, and if the first vessel is found guilty, it will be liable for ¾ of damages sustained by the other vessel in addition to losses incurred to her

9. General Average

10. Salvage expenses

• Clause No. 284

This clause covers total loss damages. If a vessel sinks or is destroyed by one of the perils under coverage, claims should be payable but partial damages are not covered under this clause. The most important damages under coverage of this clause are the same as damages under coverage of clause No. 280. But the damages sustained by the ship should be under the title (Total Loss).

• Clause No. 289

This clause covers total loss of vessel and partial damages have no coverage. The most important risks under coverage are like clause 284. It only excludes the items mentioned in paragraph 8 and 9 of the mentioned clause.

• Clause No. 346

This clause is one of the most complete available clauses, which covers all partial and total losses for fishing vessels. The most important risks under coverage are like clause 280 and the damages related to liability of vessel in collision are covered completely.

• Clause No. 281

This clause is related to the risks due to war, which could be issued in the form of additional risks.