If your business operates on or near the water, it’s probably classified as a marine business. This is especially true if you are reliant on a fleet of vessels to do your work or if your work involves the vessels of others. Marine businesses have unique needs because of the jurisdictional boundaries at the water’s edge and the risks of working out at sea or on other bodies of water like lakes and rivers. That is why commercial marine insurance coverage is important, and also why it’s important to choose the right carrier when you buy it.
What Is Commercial Marine Coverage?
Comprehensive industry-based insurance that tries to cover all the different specialized coverage areas marine businesses need is generally called commercial marine coverage. It can be a broad program that attempts to suit every type of business with wide and easily customizable coverage or a series of programs aimed as specific marine business niches.
- Marina insurance
- Yacht and boat repairer’s coverage
- Yacht club insurance
- Boat builder’s coverage
- Marine rental coverage
- Offshore operations and commercial fishing
These businesses are all very different but they share common risks like the use of marine vessels, operation on the water or water’s edge at least part time, and marine vehicle coverage. That is why carriers that aim to serve the marine industries try to embrace all of them when possible. Contact a commercial marine insurance provider today for more details.