One the most crucial policies a marine business owner should have is marine industry insurance, this insurance will provide cover for your ship, boat and even cargo while in transit. As a result of the uncertainty that is nature, a vessel can run into circumstances such as choppy waters, hurricanes and typhoons and if the vessel is damaged as a result of that it can cause financial losses for your business. An additional risk that is covered by marine industry insurance, is piracy and cross border shootouts.
To ensure the vessel is protected by insurance while transit, the caption must comply to a particular protocol regarding the scheduling and route taken. If the captain has failed to adhere to the protocol the vessel will not be covered by insurance.
In an addition to the marine industry insurance, there are also four different covers available such as cargo insurance, hull insurance, liability insurance and freight insurance. The cargo insurance will specifically protect the cargo on-board the ship from any losses or theft that occur. Hull insurance will provide coverage to the main part of the ship and any items on-board the ship such as furniture. Liability insurance is one of the most popular insurance types as it will cover the vessel if it has been involved in a collision or accident with another ship. Protecting yourself financially from any accidents that occur is crucial, freight insurance will offer that protection to your company and vessel.
Nature can be extremely unpredictable and involve a lot of risks for the marine industry, therefore having this insurance could be a necessity in order to protect your vessel, crew and cargo.