Category Archive Marine Insurance Coverage

Why Marine Surveyors Need Specific Insurance

Whenever an insurance company or potential buyer needs to evaluate a water-going vessel, they will call in a marine surveyor to do the job. These experts provide specific surveying services related to different types of vessels and occasionally docks and canals, and they require unique protection for their work. Here’s why insuring marine surveyors requires specific policies and expertise. 

Industry-Specific Insurance Products

Marine surveyors perform complex work in unique environments. General insurance products may lack coverage for the specific needs of marine surveying firms. Insurance companies with expertise in marine-related policies can provide an in-depth look into the industry-related products that marine surveyors need. 

Protection Against Mistakes and Omissions

When it comes to marine surveys, the documentation process is extensive and complicated, requiring a high level of skill. Yet, mistakes can and do happen. Whether there’s an oversight during the inspection or an employee files a false condition report, marine surveying firms need the right insurance to protect them in these specific circumstances. Otherwise, the firm may end up shouldering potential legal fees or damages charged by a third party. 

Insuring marine surveyors takes unique expertise. For this complicated industry, there is no single policy that works for everyone. Each surveyor or firm should consult with an insurance agent to tailor an insurance product to fit their needs. 

Marine Insurance Coverage

Protect Boat Dealers With Marine Insurance Coverage

In the marine industry, there a variety of sectors with different risks. When choosing marine insurance, you have to think about the business in question. For instance, when working with boat dealers, they may require insurance coverages tailored to them.

Boat Dealer Insurance Options

If you are working with boat dealers, you need to think about the different risks that boat dealers face. Boat dealers, like most companies, require general liability coverage and property coverage. This will protect the business against injury and property damage claims. Some boat dealer insurance options include:

Special coverages are determined by the boat dealer in question and risks that are specific to the company.

Boat Dealer Risks

In the marine industry, boat dealers face different risks than others. For instance, if a boat becomes damaged during transport or in a seaworthiness test, that is a loss for the company. Inventory at the marina or in a lot can be damaged by storms or vandals. It is important to keep risk in mind when choosing different insurance coverages.

If you have boat dealer clients, then you need to have the options available. Boat dealers will trust an agent who is educated in the various risks and can customize insurance options to fit their business.