Marine General Liability Insurance protects the assets of a business when it is sued for something it did (or didn’t do) to cause an injury or property damage and is important in today’s litigious society because even small mishaps can result in large lawsuits. This holds especially true in the maritime and commercial diving industries.
General Aggregate - The General Aggregate Limit is the most money the insurer will pay under a certain coverage for all claims occurring during the policy term.
Premises/Operations - Coverage is provided for damages arising out of ownership or occupancy of the insured premises when not maintained in a reasonable manner. This also covers damages arising out of operations performed by the insured business.
Products/Completed Operations - Products coverage is provided for damages arising out of products manufactured, sold, handled or distributed by the insured. Completed Operations covers damages occurring after operations have been completed or abandoned, or after an item is installed or built and released for it’s intended purpose.
Medical Expense Limit - Medical payments coverage pays medical expenses resulting from bodily injury caused by an accident on premises owned or rented by the insured, or locations next to such property, or when caused by the insured’s operations. These payments are made without regard to the liability of the insured.
Fire Damage Limit - The fire damage limit provides coverage for fire damage caused by negligence on the part of the insured to premises rented to the named insured. If a fire occurs because of negligence of the insured and causes damage to property not rented to the insured, coverage would be provided under the occurrence limit.
Personal Injury - Personal Injury means injury other than bodily injury. Coverage is provided for injury resulting from offenses such as false arrest, malicious prosecution, detention or imprisonment, the wrongful entry into, wrongful eviction from and other acts of invasion, or rights of private occupancy of a room. Coverage for libel and slander is also provided in the policy.
Advertising Injury - This coverage pays for damages done in the course of oral or written advertisement that disparages, libels or slanders a person’s or organization’s goods, products or services. Coverage for these offenses is provided under advertising injury coverage only if they occur during the course of advertising the named insured’s own goods, products or services.
Each Occurrence - Each occurrence is considered to be an accident, which could include continuous or repeated exposure to the same harmful conditions. An occurrence can also be a sudden event, or a result of a long term series of events.
The Bumbershoot policy is a specialized form of excess liability insurance targeted to the maritime industry. These policies cover a company for hazards in limits that exceed the underlying liability policy. The Bumbershoot coverage most often adds to the protection from an umbrella liability policy. Policies cover dry and wet incidents or non-marine and maritime activities.
War risk insurance is a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to weapons of mass destruction. It is most commonly used in the shipping and aviation industries. War risk insurance generally has two components: War Risk Liability, which covers people and items inside the craft and is calculated based on the indemnity amount; and War Risk Hull, which covers the craft itself and is calculated based on the value of the craft. The premium varies based on the expected stability of the countries to which the vessel will travel.
Protection and Indemnity (P&I) insurance is liability coverage for watercraft. It protects the insured from liabilities, from bodily injury, or property damage arising out of the use, or ownership of declared vessels. There are several commonly used protection and indemnity forms and many proprietary forms used for this insurance. Most P&I forms offer payments for loss of life, injury, illness, hospital, and medical expenses.
Marine Hull and machinery insurance covers loss or damage to hull and machinery. The hull is the structure of the vessel which can be made from wood, steel or any other type of materials and equipment such as pulley, crane and steering wheel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler, and electricity generator.