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Being a marine transportation company can be extremely difficult. Especially when it comes to insurance. Here at First Underwriters, we know what coverages tailor best to your specific business. Since we are not tied down to one single insurance producer, we scour the market looking for the best value value and best coverage for you. As a marine transportation company you are exposed to a few very unique risks:
For protection of your commercial hull, machinery on the vessel, or the risk of war, strikes and salvage, talk to First Underwriters’ Services about gaining protection for the risks of the sea.
Marine Liability Insurance
We can provide solutions for liability insurance of marine occupations such as boat builders, carriers, freight forwarders and logistics providers through to port and terminal operators, ship repairers, harbourmasters, shipping agents and managers, stevedores and charter operators.
How We Can Help
At First Underwriters’ we are able to work with you to assess and evaluate your insurance needs and provide you with the best options to suit these needs. We have access to large insurers, specialist insurers and offshore markets for those hard to place insurance covers. Freeing up your capital by arranging premium funding options is one of the ways that we can help add value to your business.
Ocean Cargo Insurance Coverages
Insurance exists for the purpose of protecting persons and organizations from the adverse financial consequences of certain unpredictable events, regardless of the coverage line being considered. For general liability insurance, the unpredictable event that constitutes the subject of the insurance is a claim of legal liability arising out of a company’s operations, premises, products, and completed work.
Commercial property is the policy that an organization purchases to pay for damage to its own buildings and the personal property in them. A commercial property policy can also cover loss of income or increase in expenses that result from insured damage to buildings and their contents.
Umbrella liability insurance and excess liability insurance are two forms of secondary coverage—that is, they both sit above one or more underlying liability policies and do not attach until the underlying policy’s limit of insurance has been exhausted.
This part of a commercial boat policy pays for physical damage to your vessel and is best purchased on an all-risk basis, which means that if the cause of the loss is not excluded under the policy, it will be covered. The coverage will provide protection for the hull, attached equipment, and unattached equipment and belongings. It’s important to note, however, that the owner is responsible for maintaining the vessel, which means normal wear and tear is typically excluded.
Typically, when a vessel sinks offshore or in a waterway, the owner is responsible for removing or disposing of the wreckage, especially if there are any materials aboard that may be considered hazardous. You and your business may also be held responsible for clean-up expenses that result from oil pollution or contamination. This coverage provides liability to pay for these expenses up to the limits you select when purchasing the policy.
Owners should also consider an appropriate amount of medical payments coverage that will pay for medical expenses for third parties who are injured on your vessel, whether you are found liable or not. This coverage pays on a per person basis rather than per accident. You should also determine whether this coverage is available for persons boarding or leaving the vessel and for water-skiers if needed.
This is a type of employer’s liability protection for the vessel owner for injury to the crew of any commercial boat. It responds to liabilities imposed by the “Jones Act,” the federal law that applies the common law of the seas to ship owners.