What is it?
If your business involves transportation of goods, chances are you will be exposed to natural risks from Mother Nature, misadventure and possibly piracy. Contact with any of these risks can prevent your commercial vessel, transported cargo or pleasure craft from reaching its intended destination, or potentially cause costly damage. In addition there are a number of domestic, international and maritime laws that need to be considered.
Who needs it?
Marine insurance is important for businesses involved in shipping or receiving goods, operating watercraft commercially, repairing vessels, running a marina to name a few.
Businesses that would benefit from Marine insurance include:
- Importers and exporters;
- Marina owners;
- Mining companies;
- Primary producers;
- Tourism operators;
What does it cover?
Don’t be fooled by the name! Marine insurance is not just limited to the seas. There are many different types of marine related insurance policies. Marine Insurance policies can cover:
• Marine cargo – this includes goods transported by sea, air, rail, courier, post or road – from collection point to delivery. This is for transportation of goods both domestically and internationally.
• Marine liability covers marina service providers such as yacht clubs, ship repairers, and port authorities. This particular cover insures against various types of liability, including but not limited to, cargo damage, damage to other marine vessels and property as well as third party injuries.
• Commercial hull – where the transport vessel is the centre of the business this cover will assist with loss or liability for commercial vessel operators, such as charter or tourist boats, fishing vessels, tugs or barges.
• Trucking or logistics companies who transport goods within Australia.
• Pleasure crafts, such as yachts or runabouts, are covered for accidental damage, theft, property damage as well some worst case scenario covers such as sinking and wreck removal. Third party and personal injury covers are also typically covered.
What is excluded?
As with any policy there are exclusions. Check with us to further investigate excesses and limits on cover.