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At BrokerLink, we understand that every business is unique. When it comes to marine insurance, there is no one-size-fits-all solution. Our brokers have extensive experience insuring all aspects of the marine industry. We’ll take the time to get to know you, understand your business and put together an insurance plan that makes sense. You’ll walk away with peace of mind, knowing your business is covered, bow to stern.
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Marine insurance refers to various types of insurance policies designed to protect assets, vessels, operations and liabilities related to maritime activities. Canada’s extensive coastline means our marine industry is diverse. Different organizations will have different insurance needs, which is why it’s so important to have an expert in your corner.
Marine insurance covers a variety of situations related to ships and cargo. Here are four examples:
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In the marine industry, various professionals need insurance to safeguard their business and assets. Some of these professions include:
Marine operations come with inherent risks, including environmental factors like rough seas, weather conditions, and potential collisions or accidents at sea. Insurance coverage is needed to:
The marine industry faces a variety of potential risks, so there are many different coverages available. Your insurance broker will work with you to understand your business and determine the coverage that makes the most sense. This insurance helps keep your businesses running smoothly, even when unexpected problems happen. Marine insurance can cover a range of risks, including but not limited to:
Hull insurance
Cargo insurance
Liability insurance
Protection and indemnity (P&I)
Crew insurance
Freight insurance
Pollution insurance
Loss of hire insurance
War risk insurance
Legal expenses insurance
Marine environmental liability
Customs and duty insurance
Covers physical damage to the vessel itself due to accidents, storms, or other perils. It helps pay for repairs to the ship if it gets damaged at sea. This ensures the ship can get back to work quickly. Having hull insurance means owners don’t have to worry as much about unexpected repair bills.
Protects goods being transported via water against damage or loss. If your cargo gets lost or damaged during shipment, this insurance helps pay for the loss. It gives peace of mind knowing that your goods are safe, even when far from home. Having cargo insurance helps businesses keep running smoothly, no matter what happens at sea.
Covers third-party claims for injuries or damage caused by your vessel, including pollution and environmental damage. If your ship causes an accident or spills something harmful into the water, this insurance helps pay for the clean-up and any legal costs. It protects you from having to pay big expenses out of pocket. With liability insurance, you can feel more secure knowing you have support for unexpected problems.
Coverage for legal liability arising from bodily injury or death of crew, passengers or others, and property damage. If someone gets hurt on your vessel or if the ship damages someone else's property, this insurance helps cover the costs. It takes care of medical bills, legal fees, and compensation claims. Having P&I insurance means you’re not alone when dealing with serious incidents at sea.
Covers injury or death of crew members while working on board. If a crew member gets hurt or passes away while on the job, this insurance helps pay for medical expenses or compensation. It ensures that the crew and their families are supported if something unfortunate happens. With crew insurance, ship owners can show they care about their crew's safety and well-being.
Provides coverage for loss or damage to the freight during shipping. If your goods get lost or damaged while being shipped, this insurance helps pay for the loss. It makes sure you don’t lose money because your products don’t arrive safely. With freight insurance, you can feel at ease knowing your shipments are protected.
Protects against the costs associated with the cleanup of oil spills or other environmental hazards. If your ship accidentally leaks oil or harmful material, this insurance helps pay for cleaning it up. It covers the costs, so you don’t have to pay big bills on your own. Having pollution insurance means you can handle accidents better and worry less about the financial impact.
Covers income loss if the vessel cannot operate due to damage or an accident. This support means you can pay bills, take care of other costs and keep your business going even when your ship is out of commission.
Provides coverage for damage caused by acts of war, terrorism, or piracy. It helps protect your vessel if it you travel through risky areas or get caught in dangerous situations involving conflict. This insurance makes sure that unexpected events don't leave you with huge repair bills.
Covers the cost of legal defense and claims made against you in maritime legal matters. This insurance helps pay for lawyers and court fees in the event of legal issues related to your vessel. It ensures you're not overwhelmed by high legal bills, allowing you to handle disputes more easily. With this coverage, you can focus on running your operations without worrying about potential legal costs.
This can provide additional coverage for environmental cleanup and legal fees relating to accidental pollution or damage to marine ecosystems. It helps pay for cleaning up if your ship accidentally harms the ocean or its wildlife. This protection also covers costs if you have to go to court because of the pollution. With this insurance, you can handle such accidents better and worry less about the costs.
Covers unexpected costs related to customs issues during international shipping. It protects you from surprise fees or fines when your goods cross borders. By having this coverage, you can avoid big, unplanned expenses and ensure your shipments go smoothly.
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Businesses with marine insurance enjoy peace of mind knowing that support is there if something goes wrong. This insurance not only helps with immediate costs but also ensures that you can meet your long-term business goals. The cost of marine insurance can vary significantly depending on several factors:
Larger, more expensive vessels may have higher premiums.
Vessels operating in hazardous areas or international waters may incur higher rates.
Your insurance company will consider your claims history when determining your rate.
Comprehensive coverage or additional options like war risk, pollution or cargo insurance will increase the cost.
Older vessels may have higher insurance costs due to increased risk.
Operators with experienced and well-trained crews may receive lower premiums.
High-value cargo will increase the premiums for cargo insurance.
Your exact cost will depend on a number of factors. Your insurance broker will take the time to get to know your business, understand the risk you face, and create a plan that protects your business at a price that’s fair. Contact us for a quote today!
Marine insurance will help protect the business you’ve worked hard to build. You face a unique set of risks and we have the expertise needed to help with your insurance needs, and guide you through the claims process if the need arises.
Marine insurance is essential to protect your business due to the unique risks associated with operating on water. Having the right coverage can ensure your marine operations run smoothly, while providing financial protection in the event of unexpected incidents.
Need help with business insurance? Our brokers can find the best discounts and plans for you. We'll offer personalized quotes and explore the best options.
With our expertise, you can focus on what you do best — running your business — while we handle all of your insurance needs. Let us take the stress out of finding the perfect coverage for you.
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