Maritime Insurance
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About Maritime Boat/Yacht Insurance
Don’t set out to sea without the right coverage. Maritime insurance, often known as marine insurance, is vital for individuals and businesses involved in the maritime industry, be it shipping, fishing, or other water-based operations.
Here are maritime insurance coverage examples:
Physical Damage
This coverage ensures repairs for collision with submerged objects, other vessels and other perils are paid for. You are covered for the following:
- Wind
- Hail
- Rain
- Lightning
- Wave action
- Theft
- Vandalism
Liability
This coverage protects you from 3rd-party claims or lawsuits against the boat owner. You are covered for the following:
- Clothes
- Stereo system
- Cameras
Charterer’s Charterers Legal Liability Coverage
If you’re chartering a vessel, maritime insurance can cover potential liabilities, ensuring both parties in the charter agreement are safeguarded against unforeseen events.
Protection in International Waters
Maritime operations often span across international waters and jurisdictions. Maritime insurance provides a consistent layer of protection regardless of where incidents occur.
Environmental Protection
Maritime mishaps can lead to oil spills or other forms of pollution. Insurance can provide coverage for cleanup efforts, ensuring businesses can take responsibility for their environmental impact.