The laws that govern the seas and waterways are often different from those that govern businesses in the United States that are land-based. For maritime operations, there are requirements for insurance coverage that apply when vessels are out to see or when in port, and these are designed to address maritime liability concerns in the following areas:
- Boat repair
- Commercial vessel operations
- Manufacturing of marine parts
- Recreational marina operations
Marine Industry Protections
Businesses of all kinds -whether on land or on the water- have similar liabilities with operations. Some of the most common concerns are general liability, commercial property, commercial auto, excess liability, workers’ compensations, and employment practices. Within the marine industry, there are additional concerns that can be protected through builders’ risk, cargo, foreign liability, Jones Act coverage, and pier, wharf, and dock coverage.
Marine Business Opportunities
The marine industry encompasses are a wide range of businesses and opportunities. The risks that are posed within each business will need special policy strategies and underwriting to mitigate the financial loss that could be possible if something goes wrong. Not only do businesses need to worry about their clients, but there should also be an investment in the safety of their employees both on land and on the sea. Meet with a broker that specializes in maritime insurance to make sure your company is fully protected.