If you own or operate a commercial vessel, then you know that having the right insurance policies in place is vital. Depending on the cargo type, the threat of spills may be present in your industry. If that is the case, a vessel pollution insurance policy will protect you and your assets.
The vessel pollution policy is ideal for anyone who may be held liable, such as:
- Vessel operators
- Demise charterers
- Vessel owners
If a spill occurs, lawsuits may be brought up against the owner, operator or the demise charterer of the vessel. Without adequate insurance, the defendant may be liable for all damages incurred.
Accidents can occur anywhere, and the policy will cover incidences that occur while on the water, offloading cargo and in foreign areas. A vessel pollution policy covers specific events, including:
- Property damages
- Environmental damages
- Clean up
Coverage for these accidents extends to financial obligations such as:
- Legal fees
- Loss of revenue
- Criminal fines
- Civil penalties
There are certain types of risks involved when hauling cargo. While it is impossible to predict or prevent every potential accident, obtaining the right insurance policy can ensure that proper coverage is in place, allowing you to have peace of mind whether you operate your own vessel or charter it to others.