Protecting You Marine Business

Risk is an unavoidable aspect of life, theres really no way to avoid it

. We cant avoid risk, however we can manage it and minimize it. Nobody knows when unwelcome events may come or how severe they may be, but we can protect against it. Proper insurance cover protects against unforeseen disaster and ensures a business will be compensated for any financial loss due to unforeseen events.

Proper insurance is essential for all businesses but none more so than the marine industry. The ocean is highly volatile, and the investments required to operate a marine business is huge. Marine Insurance cover losses or damage incurred by ships, cargo of ships, terminals and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Marine Insurance can cover a number of things and come in a number of types including the following:

Private Boat, Yacht and Boat Insurance When insuring a yacht, private boat or pleasure craft this can cover against a number of things including racing, water skiing, private liability coverage and a number of other things. This may also include coverage for bare boats and skipper charters.

Cargo Insurance : Cover for all Importers and Exporters of raw materials and/or finished products. Protection for cargoes of every description, including perishable goods, , Timber, Scrap, Agricultural Products etc.

Hull Insurance Hull insurance insures against physical damage and losses, Protection and Indemnity Risks including Freight Demurrage and Defense for Hull and Machinery and War Insurances

Onshore and Offshore exposed property insurance : Port Authority Liability, Equipment and Property Insurance. This insurance covers handling equipment, fixed property, port craft, business interruption.

As you can see there are a number of eventualities that could possibly occur that would require adequate insurance. If you are operating a boat, vessel or business that is marine based then it is critical to your success that you purchase adequate insurance cover. Please do not leave it to chance.

by: Dean Bower

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