Marine operations present unique risks and demand the right coverage for protection against costs incurred as a result of accidents, theft, or vandalism on and around the water.
To help protect your assets, The Kastendike Insurance Group provides a variety of Marine Liability policies for your risk. These policies can be written as stand-alone liability policies, combined with other forms of marine liability, or as part of a package approach.
These policies cover the operations, contractual liabilities, and products/completed operations liability exposures. Our dedicated insurance professionals will guide you through our various commercial insurance coverage options to help you select the best protection for your operation.
Why Does Your Commercial Business Need Ocean Marine Insurance Coverage?
For companies that keep raw materials abroad their vessels, ship goods, or sell products domestically and internationally, maritime insurance coverage offers the best protection against the unknown.
Our insurance experts at Kastendike Insurance Group will go over your all of your coverage options to ensure that your company has the appropriate safeguards in place to prevent risk exposure against damaged shipments, cargo theft, and other potential threats to your business’s solvency.
Types of Marine Insurance
Kastendike Insurance Group keeps an extensive portfolio of ocean insurance coverage solutions. We tailor maritime insurance policies to address the industry’s unique exposure risks, providing protection against unforeseen events.
From cargo insurance for businesses reliant upon shipping to surety bonds for marine contractors, marine liability coverages can be packaged together for more comprehensive protection.
Below are some common products associated with the maritime industry:
Marine Operators Legal Liability
Marine operators legal liability provides protection for operators and owners of marine facilities. These facilities are responsible for the vessels in their care, custody and control. This is a unique insurance policy tailored for these exposures. Coverage is generally designed to also include marine liability for repair, alterations, storage, moorage, hauling, launching and fueling.
Protection and Indemnity (P&I) Insurance
P&I is liability insurance for your watercraft. Hull coverage is generally included for the replacement and repair of the vessel
Charterers Legal Liability
Charterers legal liability insurance covers the legal or contractual liability a charterer has to a vessel owner for various obligations specified in the Charter Party. Potential liability exposure include safe berthing; loading, unloading and stowage of cargo; damage to piers or pier facilities resulting from acts for which the charterer is responsible; and loss of life and bodily injury resulting from charterer’s negligence. This coverage can also include liability for cargo carried on board the vessel for third parties.
Ship Repairers Legal Liability
Ship repairers legal liability covers ship repairers in connection with making repairs or alterations to vessels while entrusted to them. This coverage can also respond to loss or damage to vessels while going to and from the insured’s place of business.
Stevedores Legal Liability
Stevedores legal liability coverage provides liability protection for stevedores during the loading and unloading of a vessel. This coverage can include physical loss or damage to property of others while in the insured’s care, custody, and control. This coverage is often written with wharfingers legal liability coverage.
Wharfingres Legal Liability
Wharfingres Legal Liability insurance provides liability coverage for companies serving commercial vessels such as dock or pier owners and operators. This coverage responds to loss to vessels, barges, and equipment of others as they load, unload or are laid up in storage. This coverage is often packaged with Sevedores Legal Liability.
Terminal Operators Legal Liability
Terminal operators legal liability insurance covers damage to cargo while in the care, custody and control of the insured for purposes of import and export. This coverage is usually packaged with stevedores and wharfingers legal liability.
In addition to these insurance products, Kastendike Insurance Group also provides added employer liability options for crew members and other employees. Our insurance agents will help guide you through the best options so that your maritime business can continue to thrive on the water.
Reach Out to Kastendike Insurance Group for Maritime Insurance Coverage Options
The Kastendike Insurance Group is ready to talk to you about your maritime insurance policy options. Reach out to us today at 443-501-9388.