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 entities can be exposed to the risk of environmental damage that is accidental or deliberate.

Accidents and Deliberate Dumping

When vessels are being loaded and unloaded, hazardous chemicals can easily be spilled.  However, there are also circumstances involving the deliberate dumping of different pollutants such as fuel or waste.  Cleaning chemicals, equipment corrosion and failure, storage tanks rupturing, and weed control chemicals get spilled on numerous occasions.  Furthermore, natural disasters and vandalism can negatively impact the environment as well.

Protecting Yourself and Your Business

While certain resources such as spill control plans are vital to the protection of the environment as well as the business, marine insurance coverage is also important.  If you have a policy in force, you should review it with your agent or a specialist to ensure that you are protected against a variety of situations including:

  • 3rd party bodily injury
  • clean-up costs
  • disposal of and remediation of hazardous waste
  • excavation, removal, and testing of contaminants and hazards
  • liability such as property damage to neighboring businesses that interrupts their operation
  • property damage in general
  • unknowingly increasing the spread of the contaminants

When you purchase a marine business insurance policy, it can be very beneficial to have environmental liability coverage included.  In addition to 3rd party liability and legal defense costs, you’ll also benefit from having a marine insurance specialist on your side to help you with any claims that you may have to file.

Analyze Your Risk Exposure

The first step to take when considering a marine business insurance policy is to analyze your exposure to risk in much the same way that an environmental strategist would.  You should focus on certain events such as spills or wrecks that cause toxic pollutants to be released into the surrounding environment and the costs associated with cleaning them up.  However, there are other liability risks involved and there are other claim and cost considerations to be aware of as well.

When your business involves the potential for circumstances that could leave you open to damages, you’ll want to include certain 3rd party coverages in your marine insurance policy including bodily injury, interruption of business operations, and property damage.  There are other costs that you should protect yourself against such as environmental investigations, legal defense, and the potential for public relations management.  The reality is that you and your business could be adversely affected by environmental risk exposure.  So make sure that you are protected against all of these factors. Look online to get the assistance you need.

Call 1-800-585-1665 today to request a quote from InsureAnyBoat.com