Diving Into Marine Liability & General Liability

One of the oldest types of coverage in the world, the ocean marine insurance that we know today was born in the 1600s out of merchants’ desire to protect themselves from the heavy losses they could face in an age when shipping was a very dangerous venture. While some industry risks went out with the wooden ship, vessel owners today still face a large amount of risk, making ocean marine insurance just as important as ever.

Whether you are greenhorn or a seasoned veteran in the world of marine insurance, one thing you should get an early education on is the list of options you need to consider when purchasing coverage:

  • Marine Liability and General Liability
  • Protection and Indemnity
  • Charter Liability
  • Stevedore’s Liability
  • Marine Professional & Indemnity
  • Ship Builders Coverage
  • Ports & Terminal Operators Liability
  • Commercial Marine Hull Insurance
  • Logistics Service Providers
  • Project Cargo and Delayed Start Up Insurance
  • Marine Cargo
  • Cyber Crime

Just to name a few!

No need to worry, your local Marine Risk Advisor is here. If it floats, goes on something that floats or is in transit to get on something that floats, I am here to help. The list above can seem intimidating, but I am going to take a monthly dive into each of the bullets above with a brief blog on the most important elements to know and understand. You may not need coverage for each of these, but my goal is to help you understand what specific exposures you face and how to safeguard against them.

Marine Liability & General Liability.

If you have navigated to this article, I feel it is safe to assume this is a coverage you are interested in shopping for or at least understanding better. If you are a marine service that includes a shipyard; marine transportation company included charterers, freight forwarder or a recreational marine company including a marina or a boat dealer, you will have marine liability & general liability.

What's Covered

Let’s talk about what this is and what this will cover. This policy will cover general liability for the named insured, bodily injury caused by loading and unloading of watercraft, completed operations preformed on the watercraft and a defense limit for each covered loss. If you are a dealer or repair shop, it is important to know that this will include boats of others while they are in your care, custody and control, as well as sea trials. The Marine General Liability portion of your policy, much like a standard commercial business liability policy, will cover premises liability, products & completed operations, and damage to rented premises. We can also help include contract liability, pollution, as well as other lines of coverage based on your business.

Thank you for reading this short and general overview of Marine Liability & General Liability. In the months to come I will get into greater detail on the other 11 bullet points above to help keep you afloat with Commercial Marine Coverage and how together we can mitigate the risk to your business.