If your business involves working with boats or ships, a typical Business Owners Policy (BOP) may not work for you. Instead, Ocean Marine insurance is the type of coverage that will offer you better protection. Whether you build, repair or sell boats, operate a vessel, work on a dock, or load or ship cargo domestically or internationally, Colstan & Associates is committed to helping you choose the best option when it comes to Ocean Marine insurance.
Ocean Marine insurance has been around a long time. It was created centuries ago when shipping was considered very dangerous and the chances of losing ships and cargo was extremely high. Of course, things have changed for the better but loss and damage to vessels, equipment, cargo, etc., is still a major concern. You must also be prepared for instances that involve injury to crew and passengers as well as damage to the environment caused by your vessel.
For the most comprehensive protection, there are a variety of Ocean Marine coverages you’ll want to consider:
- Hull and Machinery Coverage— Offers protection to vessels and its fixed operating equipment and machinery. It covers damage to all types of vessels, including ocean-going commercial ships, and its equipment and furniture. Tugboats, barges and other floating equipment such as offshore oil rigs, are also eligible for this type of coverage. This also covers third-party damage due to collisions at sea or collisions with fixed objects when the vessel is moored.
- General Liability Coverage—Also known as Protection and Indemnity (P&I) Coverage, this type of coverage extends to your crew, passengers and others on your vessel. It will cover injury, illness or loss of life caused by a vessel’s operation; related medical expenses, damage to other vessels or property caused by collisions or other incidents, wreck cleanup and removal; damage to cargo and expenses resulting from quarantine.
- Cargo Coverage—With this policy, your cargo will be covered for physical damage during the duration of the shipping process. This policy can also include protection against theft and other forms of loss due to a ship accident or delay. Additional policies can be taken out to include such things as Warehouse Extension, Concealed Damage, International and more.
There are a number of other Ocean Marine Insurance policies that may be right for your business. You should also keep in mind that the above policies protect property in coverage, not the vehicle(s) used to transport the property. Automobile insurance would protect those vehicles and is something you may want to consider. A Colstan & Associates agent will work with you to tailor coverage specific to your particular needs.