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Marine Insurance: Coverage for Commercial Marine Contractors

Have You Addressed Key Exposures?

The open water carries many risks. When you’re working on projects in rivers, seas, bays or other bodies of water, you need to be aware of storms, accidents and other hazards. To protect against losses caused by injury or property damage, and to mitigate the disruption to your operations and the impact on your bottom line, you need robust commercial marine insurance.

Marine insurance provides coverage for employees, ships and cargo, as well as ports, pipelines and other marine structures. Coverage tends to be complex, and contractors who normally work on land may be unfamiliar with the terms and required coverage. That’s why it’s important to secure guidance from insurance professionals with extensive experience in marine insurance. We can help you secure the coverage types and limits you need to protect your project.

We offer insurance solutions to cost effectively address commercial marine risks.

Common exposures faced by the commercial marine industry include:

Marine General Liability

Bodily injury, third-party property damage, and inadequate risk transfer are examples of marine liability exposures.

Environmental/Pollution Liability

Pollutants can accidentally spill into waterways or harm marine life.

Sinking Vessels

Heavy weather, collisions, hull damage and shifting cargo can all cause vessels to go down.

Fire and Explosions

Welding, propane and gas lines, and equipment sparks can harm property and people.

Equipment Damage

Heavy machinery is essential but prone to theft and vandalism.

Business Interruption

If your property or vessel is damaged or destroyed, work may be stopped.

Cyber Risks

Equipment can be hacked and/or records can be held for ransom.

Workers' Compensation

From slips and falls to hazardous materials, your maritime workers face countless exposures.

Marine General Liability vs Standard Commercial General Liability

Commercial general liability insurance is a staple product for many businesses. However, it may not be sufficient for operations that take place in waterways.

Standard commercial general liability insurance is designed to cover risks that occur on land. Many policies have exclusions that apply to waterways, ports and ships. If that’s where your project takes place, these policies may not cover your exposures.

Marine general liability insurance is designed to cover maritime risks, including losses that occur on ships, barges or at ports. An insurance professional who is knowledgeable about marine general liability insurance can review your risks and ensure that you have the correct type of coverage in place.

Unique Workers' Compensation Requirements for Maritime Projects

State law mandates workers’ compensation coverage for covered workers, but these laws typically exclude maritime workers. This does not mean that maritime workers do not need to be covered; it just means that they are typically covered by other laws.

The U.S Longshore and Harbor Workers’ Compensation Act is a federal law that protects employees who are injured while working on or near navigable waters or adjoining areas in the U.S., for example, where loading, unloading and ship repairs occur. Another relevant law is the Jones Act, which gives injured maritime workers the right to sue their employers.

To ensure that your workers are covered, and to protect your company against lawsuits, it’s important to verify that your company has the right type of coverage in place. An insurance professional who is experienced in maritime coverage issues can guide you through the process.

Coverages Available

We can help you secure the commercial marine insurance products you need, including excess liability insurance, as well as workers’ compensation coverage.

We offer the following coverage types:

  • Marine general liability
  • Bumbershoot excess/umbrella liability
  • Protection and indemnity (P&I) insurance
  • Hull insurance
  • U.S. Longshore and Harbor Workers’ Compensation Act coverage
  • Jones Act coverage
  • Inland marine
  • Vessel pollution

If you have any questions or concerns about the information we require, please reach out to us for assistance.

Why Choose Anchor?

Marine insurance can be complex, so it’s important to choose an insurance partner with the experience and knowledge needed to navigate maritime insurance issues. Here’s why Anchor Insurance & Surety is a smart choice for your marine insurance needs.

Customer relationships.

Our professional employees are focused on serving clients and building long-term relationships.

Commitment to transparency.

We believe that transparency is the lynchpin of all our business dealings, and you can count on us for candor.

Access and experience.

Maritime projects involve very specific risks, and some standard coverages designed for land-based risks may not be sufficient. We work with both admitted and non-admitted carriers offering the marine insurance products your project needs.

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