If you run a business involving watercraft, you need insurance designed for your risk profile. From water taxi providers to dinner cruise operators, operating marine vessels requires customized solutions to protect your financial interests. This short guide explains what you need to know about commercial and recreational marine insurance.
The Basics of Marine Insurance
Several types of marine coverage safeguard commercial and recreational watercraft operators against serious financial losses. Together, several coverage options can be bundled together to form a comprehensive package. Every insurer is different, but most offer some essential policy types:
- Marine liability
- Hull coverage
- Cargo insurance
- Uninsured boater
- Pollution liability
- Worker’s compensation
Besides these common coverages, your marine policy may incorporate powerful add-ons. Liquor liability covers injuries or property damage caused by intoxicated passengers. Business interruption pays for expenses and lost profits if you’re forced to shut down operations. Perhaps you’ve heard the term “Bumbershoot insurance,” a type of business umbrella policy. Typically designed for excess liability coverage, Bumbershoot policies handle both marine- and non-marine claims.
Selecting Your Coverage
No two commercial and recreational marine insurance policies are alike. Nor should they be, considering the distinctive coverage requirements of each organization. By partnering with an experienced insurance provider, you can get helpful guidance in building a policy that meets your needs.