Marine Insurance
If you own a shipping business or a cargo ship, marine insurance could provide you with the simple, straightforward cover that you need. It is vital that anyone who owns a shipping business or cargo ship is insured against all of the risks that come with the shipping industry. Risks that the marine industry can face include natural disasters, man-made disasters and collisions with so many potential and unpredictable risks, it can be extremely challenging to know which type of insurance will be best with your business. By reading on, Woodfield & Riley can help you find the right insurance for your business.
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What is Marine Insurance?
Marine insurance is also known as marine cargo insurance, maritime insurance or sailboat insurance, and is a type of insurance which provides protection against cargo losses or damage caused to ships, cargo vessels, terminals and any transport where goods are transferred or acquired between different points of origin and their final destination.
This type of insurance is perfect for businesses who use ships or boats as part of their operations on a daily basis. Having marine insurance protection for your business, ships and cargo can provide a safety blanket from potentially costly losses whilst transporting goods by water.
What does Marine Insurance cover?
Marine insurance helps to cover the loss or damage that occurs as a result of natural disasters such as lightning or cyclone, man-made disasters including theft and piracy of ships, a collision, overturning or derailment of land conveyance. It can also cover the sinking or standing of ships and other expenses such as survey fees, forwarding costs and reconditioning costs.
Types Of Marine Insurance policies
There is a range of different types of marine cargo insurance policies that you should consider. These include:
- Shipping insurance cover – shipping insurance is a service whereby reimburse senders whose parcels are lost, stolen and or damaged in transit.
- Marine cargo insurance – Marine cargo insurance is a class of property insurance that insures property whilst in transit against loss or damage arising from perils associated with the navigation of the sea or air.
- Hull and associated risks insurance – Cover available for both blue and green water ship operators for damage to hull and machinery, including total loss of the vessel.
- Public liability insurance – provides protection if your business activities kill or injure a member of the public or damage their property.
- Employers liability insurance – This is a legal requirement if you employ any member of staff (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
- Business interruption insurance – Provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood.
- Commercial buildings & contents insurance – Provides cover for your business premises in the event of flooding, a fire or theft.
- Credit risk insurance – Provides cover in the event that your clients don’t pay their invoices.
- Business assets insurance – Provides cover for the things that your business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
- Yachts and classic boat insurance – This service will give you legal protection cover, personal accident cover, medical expenses cover, marina benefits and protected no claims bonus.
- Marine trade and leisure – Insurance for boat builders and repairers, hire fleet operators, watersport centres, boatyards, marina operators, chandlers, sailmakers, mooring providers, marine engineers, marine electricians, yacht brokers and other trades.
These are just examples of some of the types of marine insurance policies that we look after at Woodfield & Riley. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
What Marine Insurance do I need?
Some advantages of marine insurance include the financial stability it provides to a marine business, as it helps you to conduct business with peace of mind. In addition, it can compensate for any financial losses that a marine business will face during the transit of goods.
The cost of Marine insurance
The premium that you will pay for marine insurance depends on the level of cover that you need and the breadth of cover that your business requires.
It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at Woodfield & Riley we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
What else do I need to know about Marine Insurance?
- It is essential to have a marine insurance policy when goods are transported from one place to another.
- The policy will cover loss or damages suffered during transportation of goods.
- Man-made calamities are covered by the policy, barring certain exclusions.
- There is worldwide coverage which is not restricted by geographical boundaries.
- A marine insurance policy can be bought by sellers, buyers and even financiers of the goods.
- In case of loss of goods during transit, the carrier is not held for the loss.
- Marine insurance policies are available for international as well as domestic trade.
How can I get Marine Insurance?
Established in 1997, Woodfield & Riley are the marine insurance experts. We understand that marine businesses face unique risks and challenges on a day to day basis, and that you need bespoke insurance that works for you and gives your business the level of cover that you require.
Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact Paul by calling: 0800 0000 000.