What does Marine Liability Insurance Cover?
Life on the water comes with a unique set of risks and challenges. Charter boats, utility vessels, and commercial fishing boats are all very different industries, however, these commercial watercraft all require a similar type of insurance. Marine Liability Insurance covers businesses or contractors against damages and losses that may happen while at sea. Damage covered includes that caused to ships, terminals, and any other transport of goods. Marine Liability Insurance can protect shipping companies from costly losses and natural occurrences out of their control. Some maritime hazards include weather, pirates, and cross-border conflicts.
Marine Liability Insurance will predetermine a maximum amount that the insurer will pay per occurrence. Businesses are responsible for covering any financial obligations that go over the agreed upon amount. Policy premiums are typically based on the annual gross and nature of your business.
Marine Liability vs. General Liability
General Liability Insurance policies may protect your company against bodily injury, property damage, and more, however, they do not include Marine Liability coverage. Marine Liability is specifically designed to manage the risks most associated within the marine setting. While General Liability may be cheaper, less coverage could mean more risk. To ensure you have the right policy, it is important to work with an insurance partner who comprehensively understands your business operations.
Tailored Liability Coverage
Before you set out to sea, let us evaluate your risks and make sure that you are completely covered. Our sea-faring insurance experts can sit down with you and review all of the potential risks that you face and show you the coverage options you have. Our professionals would be happy to tailor a plan that meets your needs and provides protection for a wide range of marine exposures. Contact TCE Insurance today.