Marine Insurance

Marine Insurance

When it comes to Marine Insurance we have three programs which insure a variety of risks. These would be Luxury Yacht, Ocean Marine, and the coverage for certain classes of businesses that need Liability & Property coverage and deal with water exposures. When looking for insurance to cover your business you need to make sure you have the Marine Insurance coverage’s needed so that when there is a loss you have no doubt there is insurance coverage to protect you and your assets. Let’s look at some of these Marine Insurance coverage’s.

Marine Insurance – Liability

When it comes to your Marine Insurance package, liability insurance is a common form of coverage most businesses will have and in this program you have a tailor made policy which includes marine type businesses. The liability insurance coverage insures you and pays in claims where there is a bodily injury or if there is property damage caused by you or one of your employees during the course of business. You need to buy liability coverage at the marine insurancelimits you feel is right for you. The more you have and the bigger your business, then the more insurance coverage you will need. If the limits are too low, we can write what is called a Bumbershoot policy; this is an Umbrella Insurance policy that provides protection over both marine and non marine coverage’s.

Marine Insurance – Property Insurance

When it comes to your Marine Insurance package, if you own property (buildings, tools, other contents) then you need to make sure you include it on your insurance policy. This property insurance covers your owned property from loss which can include theft.

Marine Insurance – Workboat

We can provide a wide range of individualized Commercial Hull coverage options for your workboat as well as some passenger vessels. Commercial and passenger vessel coverage includes protection for the hull, machinery and equipment, along with collision liability. Coverage additions to the hull policy may include tower’s liability; war risks; strikes, riots and civil commotions; and increased value and mortgagee interest. Written in conjunction with Commercial Hull, this coverage protects the vessel owner against legal liabilities arising out of negligence in the operation of a vessel. It also includes liability for both property damage and bodily injury.

The types of businesses that we can write which can include this liability coverage as well as property coverage and workboat coverage are the following; Boat dealers and manufacturers, Vessel charterers, Marine contractors, Marina operators, Port authorities, Ship repairers, Shipyards, Stevedores, Terminal operators, Wharfingers.

Marine Insurance – Shipwrights

This Marine Insurance program is designed for specialty Shipwright boat repairers and marine contractors. An extensive combination of coverage’s in a single policy. Which includes protection for: Marine General Liability, Ship Repairer’s Legal Liability, &  Miscellaneous Property

Key Coverage Features

  • Ship repairer’s legal liability for damage to vessels and the property of others, as a result of making repairs or alterations to vessels that are in the insured’s care
  • Marine general liability, including coverage for contractual liability, as well as products and completed operations liability
  •  Limits of $1 million per occurrence and $2 million aggregate
  • Premises liability coverage
  • Worldwide coverage territory for liability coverages
  • Up to 10 additional insureds at no additional premium
  • $5,000 miscellaneous property coverage limit for tools and supplies
  •  Low deductibles
    • $2,500 for MGL/SRLL
    • $1,000 for miscellaneous property
    • Flat premiums – no adjustments

Automatic additional coverage’s

  • Traveling workman
  • Land transportation
  • Other non-marine work
  • Non-owned vessel protection and indemnity

Optional coverage’s and enhancements

  • Liability limits up to $5,000,000 (per occurrence and in the aggregate)
  • Miscellaneous property limits up to $30,000
  • Reduced MGL/SRLL deductible of $1,000
  • Sudden and accidental pollution
  • Terrorism
  •  Workboat coverage on an “All Risks” basis; also includes liability (protection and indemnity) coverage

Marine Insurance – Cargo

We can also provide your business with Marine Cargo Insurance. This is global transportation coverage for shipments via ocean vessel, aircraft, truck, rail and/or barge and we can insure everything from; Apparel and textiles, Automobiles, Chemicals, Distributors and wholesalers, Food products, Machinery, Manufacturers, Pharmaceuticals and more. Custom cargo policies are available for more complex accounts as well as freight forwarders.

Marine Insurance – Yacht Coverage

One of our companies has a dedicated Luxury Yacht unit that offers coverage for U.S.-based, privately-owned yachts valued from $250,000 to $30 million. QUAY Marine and Yacht Agreements are insurance contracts specifically designed for the unique requirements of luxury yacht owners. The agreements provide coverage for captain and crew (including Jones Act); extensive navigational limits; waived and reduced deductibles; favorable depreciation terms; expenses incurred for substitute yachts and the monitoring of covered losses.

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John Dziak has been an agent with Associated Insurance Professionals, Inc. for more that 7 years. He grew up in the insurance industry and has worked in many different fields. Check him out on Google