A Basic Guide to Co-Insurance for Marine Business Owners
For marine business owners, the function of co-insurance is oftentimes unclear when they are purchasing a marine insurance coverage. For instance, they have difficulties understanding the meaning of “insured to value” when filing a damage claim as well as co-insurance percentages and co-insurance penalties. This is oftentimes the case whenever a client isn’t fully informed […]
Understanding Marine Cargo Insurance
Shipping Internationally Involves Risk Any shipment of cargo involves risk of loss. Having appropriate cargo insurance can reduce financial loss while importing or exporting goods. Having the right marine cargo insurance protects against a loss of cargo while being transported and will indemnify the exporter or importer from loss in the event of an unexpected […]
Understanding Coastal Navigation Coverage
Know Your Navigation Limits Buying insurance for your boat can be confusing, especially when you have questions about exclusions and limitations. When you live on the coast, you may want to take your boat on the open ocean. But keep in mind that insurance companies may have certain limitations on how far you can travel […]
Do You Understand Your Marine Insurance Policy?
Like most other forms of insurance, marine insurance is comprised of several different elements with the primary ones being coverages, coverage limits, and deductibles. When it’s time to review your policy, you want to remember that the details of it are going to vary based on who your insurer is. The following are some of […]
Commercial Marine Insurance: Bumbershoot vs. Umbrella Coverage
In the world of marine insurance, there are two types of policies that are oftentimes difficult to understand – bumbershoot and umbrella coverage. While navigating these types of policies can be tricky, it’s not impossible. Thankfully, the following information will enable you to learn more about these policies so you understand how they differ. A […]
Does Your Marine Insurance cover Environmental Claims?
Marine business operators and owners must take precautions regarding the broad range of pollutants that could cost millions of dollars in damage to marinas and shipyards. So it’s important that your marine insurance policy contains adequate coverage for these types of environmental claims. Individuals who process marine business insurance claims see numerous ways that these […]
Marine Insurance – Hull Coverage and Deductibles
Whether you own a commercial or pleasure vessel, marine insurance coverage is a must. Your policy will be broken down into two basic sections – hull coverage and liability coverage – as follows: Hull coverage – protects against accidental damage or loss to the vessel as well as its equipment and machinery. Basically, it covers […]
Coverages Found in Marine Insurance Policies
Marine insurance is a specific type of transit coverage that protects merchandise and products that are being shipped across domestic and international waters. It will also cover any damages that are incurred during shipment. Depending on the company’s or insured entity’s requirements, this type of insurance can take on the form of a number of […]
Choosing the Right Marine Insurance Coverage for Your Needs
It goes without saying that the time to review your marine insurance policy is not when you have a situation that warrants using it. You should have felt confident about your coverage the moment you selected your protection package. While choosing the right marine coverage to suit your specific needs may be somewhat challenging and […]
Top 5 Causes of Marine Insurance Claims
Numerous companies and individuals in Florida own boats. Some are used to transport merchandise and products across international waters while others are used merely for pleasure and recreation. In either case, accidents occasionally happen and owners must file a claim against their marine insurance policies. If you’ve been involved in a mishap on the water, […]