The importance of the maritime shipping industry to the international economy cannot be overstated, but the hazards of international shipping remain considerable. Despite massive improvements in seafaring technology, ships at sea still face countless dangers as they transport cargo to their given destination. With upheavals like the Covid-19 pandemic, supply chain disruptions, and the ongoing possibility of lockdowns, these potential disturbances remain omnipresent.
Ocean marine insurance is essential in protecting cargo at sea, and a necessity for any business with ships on the water. Read on to learn a little bit more about this type of insurance.
What Is Ocean Marine Insurance?
Ocean marine insurance is designed to protect ships while they are out on the open water. Policies will vary depending on your needs, but they may include:
- Damage protection in the event of a collision or another incident
- Liability coverage for accidents that can occur on the water, including environmental liability coverage, as well as general liability coverage
A given company may need more or less coverage, depending on the specifics of its operation. Speaking to an insurer with experience with ocean marine insurance can offer peace of mind and the stability in knowing that your ships on the water are well-protected.
Operating a marina or yacht club carries with it a significant number of risks. As such, your insurance coverage needs to be able to accommodate your business in the areas of marina liability, property protection and employee protection.
Marina Liability Protection
Liability insurance is imperative when you operate a yacht club or marina. There are specific types of coverage that are geared towards your type of business, such as marina operator’s legal liability protection. General liability covers your business from third party claims of bodily injury, property damage and reputational harm.
Property insurance is imperative for a marina or yacht club. You need to make sure that you have coverage for the various types of property found at your place of business. This may include:
- Real estate
- Personal property
- Docks, piers and wharves
- Owned vessels
- Operational equipment and tools
Federal law requires those who operate businesses on or adjacent to water to carry a specific type of worker’s compensation insurance called United States Longshore & Harbor insurance. USL&H coverage is similar to state-level worker’s compensation, but the requirement to carry this type of insurance supersedes state laws.
Make sure your marina or yacht club is fully protected. An insurance company that specializes in marine policies can ensure you have the marina liability, property and employee protection you need.