Transporting goods using boats and marine equipment is a risky business. This makes it essential to have a personally-tailored commercial marine insurance plan in place in order to best protect the equipment you use and the valuable goods that you are shipping across the water.
If you are an import or export business of any kind that uses water-based shipping or receiving routes, then marine insurance is for you! Having marine insurance protects you from some of the most common liabilities and risks that businesses that operate in this manner typically face. Having a comprehensive plan can end up saving you thousands of dollars in the case that the inevitable accident occurs.
The main types of businesses that need commercial marine insurance include:
- Cruise businesses
- Oil importers and exporters
- Tours given by water
- Fishing boat rentals
Benefits Of Commercial Marine Insurance
Protect Your Goods And Passengers
Marine insurance comes in handy when you are involved in an accident that causes the loss of or damage to the cargo that was on the ship at the time of the accident. This can include the precious cargo you are responsible for transporting and also the belongings of passengers that may have been lost or damaged.
It Is Required
Marine Insurance, in most cases, is required for businesses that operate by sea in some capacity. This is for good reason, as marine equipment and the damages that can result can be extremely expensive. These unforeseen accidents can cause financial ruin to businesses in one fell swoop if you are not properly prepared.
Protect Against Disasters
Marine insurance helps to protect you even in the case of natural disasters or calamities such as fires, earthquakes, floods, and more. While there may be certain exclusions, it is important to ask your provider for information regarding how your marine insurance policy covers natural disasters as well.
Protect Against Theft
Marine insurance can also protect against the scenario of your goods being stolen by untrustworthy staff or thieves that target cargo shipments. Regardless of how it happens, your marine insurance policy will protect you from losing the value that is stolen from your ship.
Types Of Commercial Marine Insurance
Commercial marine insurance includes a variety of different specialized policies that make up a fully comprehensive policy that your business needs. Depending on the unique nature of your business, these policies may differ. Some of the main highlights include:
Marine cargo policies protect goods shipped by water or air from physical loss or damage. This coverage begins at the warehouse at the point of shipment and extends to the warehouse at the point of destination. It also includes all intermediate transit by rail or truck.
Hull insurance provides protection for your vessels in the case of physical damages occurring. As a member of the marine industry, you know that repairing boats can be extremely costly, which makes hull coverage a necessity for any commercial marine insurance plan.
Marine Liability Insurance
Marine general liability protects against claims of liability for bodily injury, property damage, and personal/advertising injury specifically for those who work on or near the water. This covers you in the case of any type of injury or accident that occurs during the voyage, which amounts to significant protection in the case of the inevitable accident.
Commercial Marine Insurance offers multiple solutions for businesses that operate by the sea in any capacity. If you are in the business of buying and/or selling goods that are shipped by water or offer cruises or tours by water, commercial marine insurance is a necessity. Make sure you work with an insurance carrier who understands the type of business you operate and your unique risks in order to receive a plan that is uniquely tailored to your needs at the best possible cost.
Reach Out To JMG
The JMG Insurance Corp has been servicing the insurance needs of the Fairfield County area since 1916. Their agency was built on the principles of providing superior customer service and quality insurance solutions for each of their valued clients, and they strive to uphold these values every day.