Insurance

Marine Hull Premium Written

Underwriting a marine hull policy on a commercial vessel.

Account NameTypeDebit ($)Credit ($)
Premium Receivable — Marine HullAsset (+)45,000.00-
Written Premium — Marine HullRevenue (+)-45,000.00

💡 Accountant's Note

Marine hull covers physical damage to the vessel. It is a specialist line requiring knowledge of international maritime law, Institute Clauses, and Lloyd's market practices.

Practitioner & Systems Framework

💻 ERP Architecture

Marine hull policies are typically placed through the London market or specialist reinsurers, often on a co-insurance basis. The policy admin system records the vessel details (name, IMO number, type, gross tonnage, age, flag, classification society). The agreed value of the vessel is the basis for both premium and claims. Hull policies are written for 12 months and include Protection & Indemnity (P&I) liability coverage separately through a P&I club (mutual arrangement, not recorded in the insurance policy admin system).

⚠️ Audit Flags

Auditors confirm that the vessel details in the policy match the vessel's class certificate from a recognised classification society (Lloyd's Register, Bureau Veritas, DNV). If the vessel's class has been suspended or the vessel is operating in a trading area excluded by the policy, coverage may be void. For high-value vessels, confirm that facultative reinsurance was placed before binding the risk. Test that the agreed value in the policy is a reasonable estimate of the vessel's market value.

📄 Required Documentation

Vessel class certificate, IMO registration, agreed value survey, Institute Yacht Clauses or Institute Hull Clauses (appropriate to vessel type), co-insurance slip if applicable, facultative reinsurance placement confirmation, and signed policy schedule.

Automate this entry with the JEH Accounting Suite

Stop doing manual entry. Our VBA-powered ERP automatically generates your ledgers, Trial Balance, and Financial Statements.

No Subscriptions. Own your data.

QA

Expert Analysis by Qusai Ahmad

General Accountant Supervisor & IFRS Specialist

Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.

LinkedIn Profile

Discussion & Community Questions