If you’re a contractor who works on certain types of marine construction or waterside projects, you need extra insurance protection for unique scenarios. If you don’t have marine liability coverage, you could find your business responsible for serious financial damages.
Read on to learn who needs marine liability insurance and what it covers. You’ll enjoy the peace of mind that comes with knowing you’re protected when the unexpected happens on the job.
What Type of Contractor Needs Marine Liability Insurance?
Marine liability protection was created for marine contractors, ship repairers, stevedores, and wharfingers.
Do you work on these kinds of projects? If so, you need marine liability coverage:
- Dock and pier construction
- Breakwater and riprap construction
- Bulkhead and wharf construction
- Marine terminal construction
- Marina and harbor construction
- Bridge repair or maintenance
- Ship or yacht repairing
- Stevedore/cargo loading and unloading
- Wharf, pier, or dock management
Marine liability coverage protects your business in the event of an accident or incident where you are fully or partially responsible for injuries, death, or property damage.
What Does Marine Liability Cover?
You can assemble a marine liability policy to cover the kind of contracting work your business engages in, as not all projects are the same. There are different risks involved in bridge maintenance, for example, than in ship repair.
However, there are three key components common to most contractors’ marine liability policies:
- General liability for work performed: This covers you in case a non-employee is hurt as a result of an error or negligence on your part.
- Property damage coverage: This protects third parties, like boat or marina owners, if their property is damaged and you are at fault.
- Commercial hull protection and indemnity: This protects boat and yacht owners if there is physical damage or liability around their operation of a vessel related to your work.
Based on the type of contracting you do, you may wish to add other types of protection:
- Bumbershoot - aka marine umbrella insurance, which provides additional liability coverage once your general liability cap is reached
- Property insurance - for your office and/or work equipment
- Auto insurance - a commercial policy for a vehicle used for work tasks
- Business interruption - in case you are not able to operate due to circumstances beyond your control
- Cyber insurance - to cover damages from customer ID or financial information theft if you do business online
- Workers' compensation - to protect your employees if they are injured on the job
Think of marine contractor’s insurance like repairing the hull of a ship. You don’t want any holes that could leave your business vulnerable to disaster.
Where to Obtain Contractor’s Marine Liability Insurance
You should purchase a contractor’s marine liability policy from an agency that is experienced in this field and can ask the right questions. At Davidson & Associates Insurance, we have our own Marine Division that specializes in this type of coverage.
Our independent agents are experts who can provide personalized service and assistance as your business grows. Give us a call at 360-514-9550 to tell us about your contracting business. You can also start a policy anytime online here on our website.
