You may be planning to join the marine industry and business as an investor or even better still are just starting out in this industry. If your answer is a ‘yes’, then you will as well appreciate the fact that a few tips and basics on marine insurance will be an indispensable asset to you indeed. We are going to highlight in this article some basics about marine insurance.
If you are a ship owner and are as such in the business of ferrying cargo, then you know that in the business, there are chances of suffering losses to property and damages to the ship as a result of some kind of eventualities. Marine insurance is that branch of insurance which is particularly concerned with covering the ship and all other accompanying cargo and property right from the port of departure to the port of departure. Among the specific marine insurance policies are such as those for marine cargo insurance, marine business insurance and personal watercraft insurance.
Personal watercraft insurance is actually that which will be targeting the insurance of the non-commercial watercraft of personal types. The personal watercraft insurance cover is quite similar to the automobile insurance covers. The operations and the spelt out policy covers are a lot similar to the ones in the car insurance policies as they will as well offer you individual cover and watercraft liability cover over and above the cover for property losses. The coverage will include the boat occupants at time of the accidents and the others who may be involved in the accident. However for further medical coverage, you may go for separate policy riders. There are however as well the uninsured boater coverage which seek to protect against damages and losses suffered from hit-and-run vessels and those vessels which have no insurance.
The other kind of insurance is the salvage and towing insurance. This cover is quite ideal to help you deal with the smaller incidents you are bound to face while on sea such as mechanical breakdowns, fuel delivery to ship stranded in the sea, and these kinds of issues. Towing and salvage insurance covers will as well be very good so far as helping you cover the costs associated with a vessel that has been damaged.
The same thing as well applies to marine insurance, the fact that you will find that marine insurance will be covering either a variety of risks or a particular risk as per the risks associated with the specifics of the policy. Insurance practice is the same and as such you need to understand the policy well enough and get to know what things that may work to render your policy null and void.