Marine insurance, also known as maritime insurance coverage, is an insurance policy that protects anything related to vessel transport. This is essential coverage for any company or individual transporting goods over water. In the event of an accident or weather-related incident, any losses to property can be claimed.
Maritime insurance specifically covers property. This means that any ships, vessels and goods that are lost can be compensated for in a claim. Most coverages can be tailored to a company’s specific needs depending on what they usually transport and where they go.
How It’s Different From Maritime Employer’s Liability Coverage
Employer’s liability does not cover property. Instead, it focuses on any employees or individuals harmed in an accident. Maritime jobs can come with many hazards, and coverage can prevent a company from paying out enormous claims if someone is hurt. It also covers employees who are on another vessel outside of the company’s fleet.
Why Coverage Is Essential
Any employer working in commercial sea industries should have general maritime insurance coverage and employer’s liability coverage. This ensures that all property is insured from damage and all employees feel safe and covered in case of an injury. You could lose many investments by failing to be insured, so don’t wait to get it.