Marine businesses face unique challenges due to the nature of their operations.  Companies that have operations on or around the waterfront need specialized marine business insurance to protect themselves.  These marine business insurance products not only protect you from financial harm, but are often a requirement by many employers before you can start working for them.  Whether you are a marine artisan, boat dealer, marina, builder, or shipper, your risks are unique from other land-based businesses. 

Biscayne Risk and Insurance Group is a proud member of the Marine Industries Association of South Florida (MIASF).

Frequently Asked Questions (FAQ’S)

Do Marine businesses need insurance?

 Yes, Marine Businesses have a lot to protect.  They need insurance to protect their property, equipment, vehicles, vessels, employees, as well as third party liabilities.

What are some notable risks facing Marine businesses?

• Employee Injury: Marine businesses need to protect themselves for the costs associated with employee injury due to heavy lifting, operation of specialized equipment, and work from heights.  It is important to train employees on best practices with regards to workplace safety

• General Liability: Risk can be high for Marine businesses due to potential for waterfront facilities and public access to the premises.  Repair operations are predominant products/completed operations exposure.  Good housekeeping is critical.

• Property Damage: Combustibility due to the use of flammable liquids in service and repair operations pose a risk for Marine businesses.  Flammables should be properly labeled, stored and separated.  Wind, wind-driven water, and hurricane damage pose catastrophe potential, especially if the operation is close to water.  Theft is also an issue as watercraft and components are high ticket items.

Which insurance coverages are needed for Marine businesses?

• Workers Compensation: benefits provided by an employer to an employee (or the employee’s family) due to a job-related injury (including death) resulting from an accident or occupational disease.
• Longshore and Harbor Workers’ Compensation Act (USL&H): federal law that provides no-fault workers compensation benefits to employees, other than masters or crew members of a vessel, injured in maritime employment—generally, in loading, unloading, repairing, or building a vessel.
• Maritime Employers Liability: provides coverage for an Insured’s employees while working on non-owned or operated vessels. Coverage placements are also available for employees whose duties on owned vessels are not to act as captain or crew.
• General Liability: protects businesses against liability claims for bodily injury and property damage as well as advertising and personal injury liability.
• Commercial Auto:  includes auto liability and auto physical damage coverages, plus other coverages are available by endorsement.
• Protection and Indemnity (P&I): liability insurance for risks associated with the operation of a vessel
• Hull and Machinery: covers damage sustained to an insured vessel
• Bumbershoot: excess liability coverage for insureds with major wet marine exposures. The policy covers both non-marine and maritime liability exposures—that is, protection and indemnity, general average, collision, sue and labor, and general liability hazards.
• Ocean Cargo: typically covers property in transit by air, land, or sea but may be written including property coverage while being warehoused.
• Inland Marine / Equipment Floater: insurance for tools and equipment in transit without regard to location of the covered property
• Pollution Liability: normally excluded to some degree by the general, auto, and umbrella liability policies via strict exclusionary language. This policy is necessary for insureds to seeking coverage  for environmental impairment.
• Property: policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that results from the property damage.
• Employment Practices Liability:  insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation.
• Professional Liability: coverage designed to protect against liability incurred as a result of errors and omissions in performing professional services. Most professional liability policies only cover economic or financial losses suffered by third parties, as opposed to bodily injury and property damage claims.
• Cyber Liability: cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker who has gained access to the firm’s

Insurance premiums for Marine Businesses will vary based upon several factors.  Each policy is rated on different exposures which may include payroll, revenue, property value, location, driving record, claims history, among others.

Biscayne Risk & Insurance Group can help guide you through the insurance buying process.  Contact us at 561.571.1001, quotes@biscaynerisk.com, or via the contact form below.