If you’re planning to own and operate a marine-related business along the coasts of New York, you can likely look forward to active ports and the opportunity to provide your service to locals, tourists and even other businesses. However, with all the regulations that promote the responsible use of these water vessels in New York, marine and general insurance are examples of safeguards that you must establish early on. Avoid conflicts, costly and time-consuming litigation and threats to your business’s reputation by understanding the items for which you are likely to be accountable.
Liabilities in the Business
Those in the marine business cannot stay afloat with the basics such as licensing and insurance. These steps protect not only the owners of these companies but also the employees, patrons and surrounding communities. Some exposures that can be expected in this industry include damages to and from the following:
- Ships, watercraft and supplies
- Oil platforms and pipelines
- Ports or terminals
While conducting business on the open water can be an exciting venture in New York, marine and general insurance are just some matters that you must take care of early on before officially opening up shop. Take the time to weigh out the pros and cons of each agency’s policy to find one that protects against the innate risks in this industry.