Marine Insurance

Despite vessel owners paying for the space, the marina owner is responsible for every boat in the harbor, resulting in high mooring fees. Unless there is adequate insurance, the marina owner may be responsible for the cost of repairs if anything happens while the boats are in the care, custody or control of the marina. The right coverage package can help protect your place of business and your livelihood.

Services:

• Review your exposures and develop a comprehensive package to help meet your specific needs
• Work with our carrier partners to perform on-site visits to assess risk exposures
• Devise a loss control program to help mitigate the risk to the marina, reducing the likelihood of a catastrophic loss
• Customized policies that go beyond traditional coverage

Shipyard owners find themselves in a unique situation where they are responsible for the vessels in their care, custody or control and the actions of those conducting business on their premises. Additionally, employees who work on a navigable waterway are subject to the Longshore and Harbor Workers’ Compensation Act with strict penalties to the shipyard if adequate coverage is not purchased. At Brown & Brown, our team of specialists can help you navigate the various coverages tailored to a shipyard.

Multiple lines of insurance must cover all commercial yacht builders. Brown & Brown’s specialists can help you customize a policy that helps protect your exposures.

Builder’s Risk Policy:

• Protects real property while the vessel is being built, renovated or repaired
• Covers personal property that will become a permanent part of the vessel
• If testing is required, it may include launching and trial coverage as an option
• Valid from the start of construction until the yacht is delivered to the customer
• Some policies include coverage for land transit
• Policies that cover launching and sea trials also include Collision Liability & Protection and Indemnity, which protects operators from liabilities that arise out of navigation or management of their yachts

Brown & Brown can help determine the level of coverage your boat dealership requires and consider possible risk factors to obtain appropriate pricing and coverage limits for you and your dealership.

Coverage Options:

• General Liability coverage protects your business against alleged bodily injury and property damage (on the water or boatyard)
• Additional coverage is required for inventory, sea trials, Jones Act, pollution and numerous other exposures that will create a custom commercial marine policy

Marine General Liability Policies (MGL) are designed to cover the specific exposures in the marine industry and surpass a standard commercial general liability policy. Brown & Brown can help you find a solution that is unique to what you do.

Types of Policies:

• Ship Repairer’s: All ship repairers are required to carry Ship Repairer’s Legal Liability (SRLL), which protects them if the vessel is damaged while in their care, custody or control.
• Contractors – Dock, Seawall and Pile Driving: It is important to endorse the MGL and inland marine policies to help prevent drastic consequences. Furthermore, employee injuries may be subject to either Jones Act or the Longshore Harbor Workers’ Compensation Act, depending on their activities.
• Terminal Operators: The terminal operator should provide liability coverage to help protect against damage to cargo during loading and unloading.

When employees are injured, employers are responsible for helping pay for medical expenses, missed wages or funeral expenses. Each state creates its own statutes for workers’ compensation, and companies in the marine industry may be subject to even more expensive and stringent coverage. If your business has employees regularly working on a navigable waterway, you may be required to purchase Longshore and Harbor Workers’ Compensation insurance.

This coverage is essential and is also required by most shipyards and marinas. Bumbershoots provide coverage typically designed to cover additional liability limits above Auto Liability, Marine General Liability, Hull & P&I, Workers’ Compensation Employers Liability, Employee Benefits Liability and Professional Liability. These policies are critical to the risk management program of organizations. Coverage begins at $1 million and can be increased depending on the company’s specific needs.

Brown & Brown provides competitive and comprehensive coverage for both personal and commercial vessels. We can customize a policy to help meet your specific needs and have a knowledgeable team specializing in vessels over 40 feet. Your insurance quote will depend on various factors, including value, age, vessel size and experience.

From emergency equipment to insurance coverage, vessels that carry passengers for hire must meet more stringent requirements than those used for recreational purposes due to the risk of potential lawsuits. Your vessels should be protected by comprehensive insurance to help protect your investment and enable you to comply with foreign and domestic laws.

• Safety: The United States Coast Guard will inspect your vessel free of charge. Upon safety check, an issued U.S. Coast Guard Auxiliary Decal informs all passengers and authority figures that your boat is in full compliance with all boating laws.
• Coverage Solutions: Quotes and coverage options are based on age, size and use of the vessel.
• Liability Insurance: Every service provider that charges passengers for transport must have liability insurance. The minimum insurance coverage is determined by the number of passengers the boat can safely carry each trip. Liability insurance covers bodily injury, death and property damage.

Premiums may be more expensive than those for the average cruiser, as many risks are involved for vessels designed for speed, but they are essential. Boat insurance will help protect your investment and your liability to passengers and third parties. Depending on your policy, it is possible to cover medical costs and personal effects.