The marine industry has grown to be worth over 4 billion annually and is an industry that continues to expand since many projects undertaken can stretch over years and involve numerous individuals to complete the job. Business owners need the right solutions for dealing with the inevitable costly and time consuming incidents that can come from working in such a rough and tumble environment.
Marine manufacturing comes with its fair share of exposures due in part to the advancements taking place and any new business ventures will require additional insurance coverages from a marine manufacturing insurance wholesaler. Those involved in industry manufacturing understand these risks, as well as their duty to ensure that the products they sell are properly tested and approved.
Suppliers also face many exposures
Suppliers of marine machinery and equipment need to comprehend the risks they also undertake and look for solutions. They are often in charge of delivery of such items as:
- Navigational equipment
- Marine engine parts and diesel engines
- Compressors, pumps, and boilers
- Heat exchanges, generators, winches
- Filters, and
- Lifeboats, chains and anchors, and more
Lives could be at stake if any one of these items should fail upon installation or usage. Even with the right business strategy in place, and employees who are diligent in their duties, there are still serious concerns that can be costly and time consuming.
A marine manufacturing insurance wholesaler is able to help these businesses with sound insurance solutions. One example is by providing a bumber-shoot policy, a type of umbrella coverage designed specifically to insure marine risks. Shipyards often use this policy, which provides protection and indemnity coverage as well as liability protection under the Longshoreman and Harbor Workers’ Act.
These policies are written to provide coverage above the limits of a primary liability policy and will provide certain coverages when the underlying primary policy does not afford the required protection. These policies are often underwritten to provide aid in the event of a catastrophic loss, provide broader coverage than a typical excess policy and will drop down above a certain self-insured retention (SIR) to provide additional coverage needs.
Your clients can only benefit from having access to a marine manufacturing insurance wholesaler and should seek the help of their agent.