Marine Insurance Information
If you own a shipping business or a cargo ship, marine insurance could provide you with the cover that you need. This is especially important at the moment with Brexit and the disputes around fishing at the moment.
Marine insurance will help to cover you against any loss or damage that occurs as a result of natural disasters such as a man-made disaster, lightning, a cyclone, theft, piracy of ships, a collision, overturning and much more. A risk management and insurance programme will help your marine business to respond quickly, maintain your reputation in the industry and maintain business operations smoothly and efficiently. This article discusses the relevant policies that may be relevant to marine operations, shipping and other forms of marine specific insurance.
The types of different insurance policies you or your business may need to consider or require include:
Shipping Insurance Cover
Shipping insurance is a service that protects shippers against stolen or damaged packages. If a package does not reach its destination, or if it is damaged on arrival, then the shipper is reimbursed the value of the items in the package.
Marine Cargo Insurance
Marine cargo insurance covers any losses that arise from physical damage to goods whilst being transported around the world, that could be by road, rail, sea or air. They could have been stolen or destroyed on route; whatever the cause it will result in a financial burden for the owner if not insured.
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Hull & Associated Risk Insurance
This cover is available for both blue and green water ship operators for damage to the hull and any other machinery, including the complete loss of the vessel.
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Public Liability Insurance
Public liability insurance will cover your business for legal action if you are found liable for the injury of a person, loss or damage to property or economic loss resulting from negligence.
Employers Liability Insurance
Employers liability insurance is compulsory for employers, regardless of if the employee is permanent, temporary, volunteer, contractor or freelance. The minimum level of protection will cover the cost of compensation claims if staff get injured or fall as a result of carrying out their required duties.
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Business Interruption Insurance
Business interruption insurance has become increasingly popular since the Covid-19 pandemic. With lockdowns happening here and there, it is important to ensure that your business is covered in the event that your daily routine comes to a halt. This type of cover will protect your business should you not be able to operate as a result of a fire, flood or theft.
Commercial Buildings & Content Insurance
This type of cover provides cover for your business in the event of a flood, fire or theft.
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Credit Risk Insurance
Credit risk insurance covers you in the events that a client doesn’t pay their invoices.
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Business Assets and Equipment Insurance
This cover will provide cover for assets that your business needs to operate, including any furniture and technology.
Yachts & Classic Boat Insurance
This service gives you legal protection cover, personal accident cover, medical expenses cover, marina benefits and protected no claims bonus.
Marine Trade & Leisure
Insurance for boat builders, repairers, hire fleet operators, water sports centres, boatyards, marina operators, chandlers, sailmakers, mooring providers, marine engineers, marine electricians, yacht brokers and other trades within this industry.
If you are in the marine business then you should consider taking out a tailored insurance solution which provides you, your company, your staff and your equipment with comprehensive protection. No two businesses are the same, which is why your insurance policy is completely unique to you.
As stock crosses borders by land, air or sea keeping control becomes increasingly hard. Supply chains need to be protected from disruption and the negative impacts on customer loyalty, the reputation of the company and cash flow. Keeping your business protected is imperative especially in the economic climate.
Find out which of the above you will need for your business on [broker_phone] where a member of the team will advise you further.
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The Biggest Marine Insurance Disasters
Hurricanes are one of the natural disasters which have caused the biggest marine losses of the past five years. Harvey, Irma and Maria are three of the biggest. These three storms in 2017 caused an estimated 1 billion US dollars of insured losses for the yacht market alone. They also caused damage to ports, cargo and inland marine risks including warehouses, buildings under construction and weather stations.
For more information on marine insurance please get in touch with [broker_director] at [broker_name] on [broker_phone] for more information.
