Posted on May 17, 2014
Although the boating life offers time out in the open air enjoying freedom on the water, marina and boat yard owners shoulder great responsibility in running their marine businesses. Commercial marine insurance provides added protection to make the task of running a business free of worry since business owners know their companies are protected from unexpected accidents and damage.
Marine Facilities Insurance
Comprehensive coverage for marinas, boat dealers, builders, brokers and clubs is a must. These types of operations need protection from risks on the water and land so that the entire operations are fully covered. Marine Facilities insurance combines several types of insurance into one package with owners able to customize their insurance selections. Marine Facilities coverage may include general liability, property, boiler & machinery, pollution, boat dealer inventory, boat builder, marina operators and yacht club insurance. Experienced insurance brokers can help companies choose the right coverage to meet their individual business needs.
Marine Hull, Protection & Indemnity
Marine Hull, Protection & Indemnity insurance mainly applies to companies with differing vessels: passenger, gaming, research, inland and coastal as well as tugs and barges. This coverage protects the boat, machinery and any equipment & accessories listed on the policy at an agreed value if the boat is lost or damage. In addition, it also offers legal liability coverage for injuries to third parties.
Marine Liability Coverage
Marine liability coverage protects marine operations from liability and property damage claims. Monoline marine coverage may be purchased for charterers, marina operators, ship repair, stevedores, terminal operators, wharfingers and vessel builders. It mainly covers any claims of property damage or liability for property in the care and control of the marine business. In addition to the monoline coverage, business owners may add marine general liability for extra coverage for premises & completed operations, product liability and work in progress. Because of the high cost of claims associated with injuries or property damage in the marine industry, many companies also choose to purchase excess liability insurance to provide additional coverage over and above the standard general liability policy.
Marine Cargo Insurance
For those boating operations that ship goods locally or worldwide, marine cargo insurance provides added protection of the ship's cargo from the point of origin to its destination. Marine cargo coverage will pay for cargo that is lost, damaged or stolen.