As the owner of a commercial vessel or fleet of vessels, your primary concern is to ensure that your investments associated with ownership are properly protected. No matter what type of commercial vessel(s) you own our team of experts can work with you to develop the best insurance strategy to protect you and your assets.
Listed below are some typical insurance coverages we can assist with:
Hull & Machinery – this type of insurance provides coverage for physical damage to a vessel’s hull, machinery and accessories such as fittings, fixtures and equipment and protection against losses due to errors in navigation, conditions at sea, fire, collision, theft and other risks.
It is also important to consider the use of an Increased Value Policy as part of your insurance strategy, which will pay beyond the limits of your primary policy in the event of a total loss.
Protection & Indemnity – commonly known as P&I, this type of insurance provides liability coverage for vessel owners and charterers in the case of bodily injury or third party property damage resulting from the ownership, management or operation of a vessel.
P&I is deemed essential insurance coverage for all vessels depending on what type of operations the vessel is performing. A Canadian statute called the Marine Liability Act determines specific exposure for every commercial vessel owner and it is imperative that you have proper coverage.
P&I limits of liability range from $2 million to unlimited and coverage, where applicable, would include but not be limited to:
- Third party property damage
- Pollution incurred by oil including bunker fuel
- Wreck removal and towage
- Loss or damages to cargo
- General average
- Quarantine expenses
- Special operations
- Injury to passengers and crew (except where there are workers’ compensation authorities)
Ideally, Hull & Machinery coverage works in conjunction with a Protection & Indemnity policy to provide full coverage for any vessel. For more information regarding insurance for your commercial enterprise and to find out how we can maximize your coverage and reduce your premiums contact us directly today.