Advantages of marine insurance

Marine insurance is obligatory for all yacht and ship owners to obtain, especially where the vessel is to be used for commercial or transportation purposes and where it will be carrying passengers, workers, or cargo across international waters. It is important to not only obtain marine insurance for your vessel or operating business, but to also obtain the most favorable insurance policy that covers you for a variety of risks.

To learn about obtaining marine insurance, please click on the following link to view our Marine Insurance service page.

Benefits of obtaining marine insurance

The risks faced by boats at sea are numerous and as such, the liabilities imposed on vessel owners can be financially crippling. The risks of injury or death to passengers and seamen are also high as weather conditions and vessel damage while at sea, can be temperamental and difficult to foresee. It is therefore imperative for boat owners to be covered with the most appropriate form of marine insurance.

By obtaining a favorable insurance policy, cargo ships can ensure limited liability with regard to damage or loss of expensive goods carried by the ship. Many ships transporting goods will be expected to travel long distances and therefore the risks of loss or damage can be relatively high. A comprehensive marine insurance plan will ensure vessel operatives are protected and liability is limited should the cargo be damaged in transit.

Marine insurance can be a complex industry to understand; it is suggested that vessel owners seek the professional assistance of a yacht broker or professional consultancy firm that specialize in guiding individuals in obtaining favorable marine insurance policies.

Comprehensive marine insurance is vital in order to protect the vessel, cargo, onboard equipment, crew and passengers from harm. Marine insurance will also ensure the necessary compensations are in place for the injured parties where passengers, crew or cargo are affected while in transit.

The primary advantage of having a comprehensive and appropriate marine insurance plan is to ensure complete protection and limited liability against the following;

– Theft or hijack of vessel
– Theft of onboard cargo
– Mistakes in transportation (inappropriate handling)
– Accident while in convey (sinking or overturning)
– Variations in temperature causing complications
– Compensation for illness, injury or death of persons onboard the vessel
– Collision
– Pollution risks
– Cargo liabilities
– Labor and legal costs

Unlike many other forms of transportation vehicles; marine transport is subject to a broad range of risks that are out of the control of the vessel operator. It is therefore essential for all ship and yacht owners to have the appropriate insurance in place.