When you work in the commercial marine industry, you need adequate insurance coverage. Marine insurance can cover ships, cargo and the crew. There may be several different reasons that a worker needs marine insurance. Here is what you need to know.
Types of Marine Liability
There are several types of liabilities that businesses in the marine industry face. First, companies are responsible for vessels and any damage that they incur. Next, they are responsible for cargo. Cargo can be damaged in route or it can be stolen. Last, marine companies have to consider ship owners and the liabilities to the crew. For instance, not only can crew members be injured on the ship, but crew members can be the cause of damages on the water. A marine company may be liable if there is a leak or pollution.
Types of Marine Insurance
Commercial marine liability insurance can cover shipyards, terminals and any other service that transports cargo. Marine insurance may be used for:
- Marine terminals
- Cargo vessels
- Ship repairers
Of course, this is not an extensive list. Anyone who has a business in the commercial marine industry may need insurance.
Marine liability coverage depends heavily on your client’s operations. You must take into consideration the cargo, the vessels and the types of equipment that the crew uses. The different circumstances lend themselves to the type of package that you need.