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4 Common Insurance Policies for the Marine Industry

Ship-owners and those who deal with marine transport or operations are exposed to unique risks. Marine insurance experts will tell you of the need for comprehensive coverage for your boat or operations. This could include or more of the following coverage types.

 

Hull Insurance

 

This coverage focuses on the hull of the vessel and the torse, as well as most of the furniture and articles on the ship. This probably the most commonly sought after coverage for loss protection.

 

Machinery Insurance

 

With this policy, all of the essential machinery on the vessel will be covered in case of operational damages. Compensation required post-survey and approval by a licensed surveyor. Most often, hull and machinery coverage are combined into one policy.

 

Protection and Indemnity Insurance

 

This policy would address risks that are related to the ownership of the vessel from things like crew related claims. The indemnity potion addresses risks that are related to the services of the ship, such as cargo-related and client claims.

 

Liability Insurance

 

A general form of insurance, this is used when there is compensation being sought for an incident that occurred because the ship crashed, collided, or induced damage. This could address either bodily harm or property damage.

 

These are four of the most commonly used insurance policies in the marine industry. The right kind of coverage is important to securing the financial and legal responsibilities of your vessel when an adverse incident occurs.