Marine insurance is a variant of the general term ‘insurance’ and is a form of protection against future loss. As the name suggests, it’s provided to anyone and anything related to ships - from equipment to offshore installations.
Boat owners can choose from a variety of insurance options to protect their watercraft. Some coverage options include hull and engine repair, drydocking expenses, emergency medical care, and damage due to explosion or collision. In addition to this, cargo insurance covers cargo transported on boats or ships during voyages.
Is boat insurance similar to marine insurance?
These two concepts may be similar in terms of dealing with water activities, but they also differ in many aspects. In particular, marine insurance covers commercial vessels while boat insurance provides protection for boaters who merely do boating for a lifestyle. With other types of insurance, you have options regarding the amounts of your deductible and liability limits.
Why having marine insurance matters
Just like other types of insurance, marine insurance matters especially if you’re doing business with marine vessels. When considering Marine Insurance, you may want to consider some of the following reasons.
Marine Insurance can help to protect your business from risk. Boat and marine repairs can cost a lot of money. In addition, if your boat is damaged your business income may be impacted. Marine insurance might cover the damage and cost to repair your boat. In addition, marine insurance may provide some coverage for any loss of business revenue you might experience.
Marine insurance can reduce your worry. As a business owner in the marine industry, you know that your business is subject to accidents and natural disasters. Without marine insurance, you could be caught unprepared when a natural disaster strikes or when an accident occurs. Taking out sufficient marine insurance can reduce your concerns and worries, and can enable you to focus on running your business without worrying as much about possible risks.
Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
Marine Insurance may help you deal with any legal costs involved in possible accidents. Like you, other people can cause accidents on the water. The legalities from dealing with marine incidents and accidents can take a toll on you. Especially if you are found to be responsible for the accident with another watercraft or third party. This is where you may need marine liability insurance, which is designed specifically for Marine Operators, Ship Repairer’s, Yachting and Boating Clubs and Freight Forwarders to protect your marine business against legal liability and property damage claims. Damages and costs associated with a marine accident or incident can be very significant.
It is important that you have the right marine insurance policy that is specifically tailored to your business needs.
How can Advisr help you? Marine insurance is a complicated field, with many details to be covered and many factors to be considered. Marine insurance brokers are the experts in this area and their knowledge is highly valued. Find an insurance broker who specialises in Marine Insurance and connect with them today.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
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