Marine Insurance
Marine insurance is crucial for a wide range of marine businesses. By providing comprehensive coverage against various liabilities, it allows these businesses to operate with confidence in the face of potential risks.
Marine insurance covers a vast array of risks such as
- Marine Cargo & Carriers Liability
- Commercial Hull, including Protection & Indemnity (Liability)
- Marine Liability
Some of the businesses that are commonly associated with the above risks are
- Cargo forwarders
- Road transport and logistics operators
- Commercial vessels (including fishing and tour operators)
- Boat/ship repairers
- Boat dealers
To discuss Marine Insurance further, book a consultation with the team at Northsure Insurance Brokers today.
Marine Cargo & Carriers Liability Insurance
Cargo and Carriers liability insurance is far-reaching and covers a huge range of factors connected with ships, cargo, road transport and any forms of transportation where property is transferred from the point of origin to the final destination, often referred to as "door-to-door" protection.
This cover safeguards goods against loss or damage while in transit, including:
- Transportation by sea, air, road, and rail
- Loading and unloading processes
- Storage during transit
- Legal liability
There are two main types of marine transit insurance policies:
- Annual Policies - these cover all shipments over a 12-month period, suitable for businesses that regularly ship goods.
- Single Shipment Policies - these provide coverage for one-time or occasional shipments
Risk exposures include major perils (including fire, lightning, flood, storm), damage to ships, sinking, stranding, explosion, theft, pilferage, non-delivery, collision and overturning including accidental damage.
Commercial Hull Insurance
Commercial hull insurance is a specialized form of coverage designed for owners, operators, and charterers of commercial vessels. It provides protection against loss or damage to the vessel itself, as well as other related risks. Here are the key aspects of commercial hull insurance:
Commercial hull insurance typically covers:
- Material damage to the vessel from various marine events such as collisions, heavy weather damage, lightning strikes, and war risks
- Damage to machinery, boilers, shafts, and other mechanical items
- Accidental damage as a standard feature in some policies
The coverage can often be extended to include:
- Third-party liability for damage to passengers or other people's property
- Loss of earnings due to vessel damage or inability to operate
To learn more about protecting your marine vessel, get in touch with Northsure Insurance Brokers today!
Marine Liability
Marine liability insurance is a specialised form of coverage designed to protect businesses and individuals involved in maritime activities from various risks and legal liabilities.
Marine liability insurance typically covers:
Public and Products Liability
- This coverage protects against legal liabilities arising from personal injury or property damage related to marine operations. It includes:
- Injuries occurring at marinas or during water-based activities
- Damage to third-party property caused by marine operations
- Liabilities from marine products, such as boat parts or equipment
Ship Repairers' Liability
- This coverage is specifically for businesses engaged in ship repair, maintenance, or vessel manufacturing. It protects against liabilities arising from these activities
Pollution Liability
- Marine liability insurance often includes coverage for environmental incidents and pollution-related liabilities that may occur during marine operations.
Legal Defense Costs
- The insurance typically covers legal expenses associated with defending against liability claims, allowing businesses to focus on their operations.