Marine Contractors Insurance
Marine Contractors Insurance
There are many challenges facing the marine contracting industry today. From structurally deficient bridges, pandemic-related shortages of workforce and materials to record-breaking hurricane seasons, and a recreational boating market expected to increase by 11.02% by 2026.
Although there are challenging circumstances, contractors are experiencing a booming business, leading to industry expansion.
Marine contractors are working in an environment and engaging in risky work in and around water. With the booming business comes a greater possibility of accidents, injuries, and other safety issues. It's imperative to have proper Marine Contractors Insurance to protect your employees, yourself, and your company.
According to the International Marine Contractors Association (IMCA), the top causes of accidents, injuries, and fatalities reported include the following:
- Dropped objects
- Slips and trips
- Falls from height
- Muscle stress
- Injuries occurred due to being in the line of fire
- Stored energy release
Line of fire is the most common lost time injury category, with stored energy release and dropped objects being the least common lost time injury category.
Additionally, there are many other reasons an insured individual might need to file a claim outside of injury. Some typical claim types include:
- Injury or damage to goods
- Theft
- Striking a submerged object
- Fires and explosions
- Lightning damage
- Weather incidents such as high winds, torrential rain, or hurricanes.
These types of events can leave significant damage that can halt business and sink profits.
Proper Insurance
There are many challenges facing the marine contracting industry today. From structurally deficient bridges, pandemic-related shortages of workforce and materials to record-breaking hurricane seasons, and a recreational boating market expected to increase by 11.02% by 2026.
Although there are challenging circumstances, contractors are experiencing a booming business, leading to industry expansion.
Marine contractors are working in an environment and engaging in risky work in and around water. With the booming business comes a greater possibility of accidents, injuries, and other safety issues. It's imperative to have proper Marine Contractors Insurance to protect your employees, yourself, and your company.
- Marine General Liability: Protects against liability claims for bodily injury, property damage, and personal/advertising injury specifically for those who work on or near the water. These classes include ship repairers, marina operators, charterers, stevedores, and terminal operators.
- Marine Contractors’ Liability: Marine Contractors’ liability provides coverage for property damage to marine structures.
- Bumbershoot or Umbrella: Excess liability protection over both marine and non-marine coverages, including auto liability, general liability, and employer's liability.
- Contractors' Equipment with Waterborne Coverage: Property and casualty coverages that can include property, auto, and business interruption.
- Auto: Covers automobiles.
- Property: Includes insurance for buildings, contents, and business interruption.
- Commercial Hull and Protection & Indemnity (P&I): Protect vessel owners against legal liability and physical damage to the ship.
- Builder's Risk and Installations: Protects against claims and includes materials, labor, and reasonable overhead and profit.
- Maritime Employers Liability: The Maritime Employers Liability policy typically provides coverage for an Insured’s employees while working on non-owned or operated vessels. Coverage placements are also available for employees whose duties on owned vessels are not to act as captain or crew.
You might be asking yourself what types of coverage do you need for your specialized work. You want to be covered, but how can you know which is right?
All-Lines Coverage
Thankfully there are all-lines approaches where marine contractors' insurance with its maritime coverage is combined with casualty and property insurance. This combination creates an easy-to-manage comprehensive coverage, streamlining claims management and providing pricing benefits.
Obtaining the proper insurance is essential for marine contractors due to the dangerous work conditions found in this industry. Working with an agent who knows the industry ensures that you have an adequate and broad insurance policy that you can trust. You can also talk with your agent about optional coverages that might suit your operations and how they might apply to your situation.
The last thing you want is to find out that you are insured incorrectly after a loss which is why you want to work with an agent who has in-depth knowledge and experience within the industry and with Marine contractors' insurance.