Operating within the maritime industry poses a risk that extends past the water. Your operations may deal with building, repair, and employee benefits, requiring that you have more than a basic insurance policy. A general liability policy is often the standard liability protection effort, but not all marine manufacturing liabilities will be covered under this policy. This is especially true if your company works with heavy equipment and machinery.
Liabilities of Operations
With marine manufacturing, the key exposures come from the construction process for new boats, yachts, and other watercraft. Employees are working in conditions where this is a risk of injury or death, as well as potential property damage if a piece of equipment malfunctions or falls. Some of these liabilities can be written into your coverage policy, and many supplemental areas of coverage could be customized into a liability package that addresses each potential risk area.
If manufacturing is just a part of your maritime operations, you need to make sure your coverage is extended into other areas. These could include accident and pollution, equipment breakdown, product liability, contractual liability, all-risk coverage, and protection and indemnity insurance. An agent specializing in marine coverage will be able to identify the key areas of risk facing your business and underwrite a policy accordingly.