What Is Commercial Marine Insurance?

By Author: Mr projects
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The commercial marine industry is large and critical to many of the nation’s, even the world’s, industries; and it’s a highly competitive industry. Commercial marine insurance is designed to protect the property of commercial marine fleet operators and the cargo they carry from financial losses due to fire, accidents, and more.

It’s commonly recommended to business owners, especially those who operate boats and shipping vessels or really anyone involved with the marine industry.

The origin of this type of insurance started long ago - as far back as the 17th century - and the insurance covered not only the shipping vessels themselves but also the goods they carried - including people. Commercial marine insurance now covers cargo that is in transit, in storage, or in holding at any commercial marine business.
Who Buys Commercial Marine Insurance?
Commercial marine insurance policies are designed to protect against a full range of perils. Businesses who have assets exposed to marine travel are prime candidates for the coverage. These assets can be the vessels carrying cargo or they can be the ...
... cargo itself. Boat dealers and boat manufacturers also buy marine insurance.
What is the Range of Commercial Marine Insurance Coverage?
Besides needing coverage for property, businesses that are associated with the marine industry can also be exposed to certain liabilities. These include:

Commercial marine liabilities
Charterer’s legal liabilities
Excess marine liabilities
Ship repairer’s legal liabilities
Wharfinger’s legal liabilities
Maritime employer liabilities

Of course, the only way to be sure your marine business has the right level of commercial marine insurance is by working with an experienced insurance agent.
About the author
This article is authored by the content management team at Nowell Agency, Inc. We’ve been in the business for nearly three decades, providing a wide range of commercial marine insurance, business insurance, personal insurance, and risk management products to the people and companies of Mississippi as well as the southeastern U.S. Contact us to consult an experienced and knowledgeable broker and get competitive marine insurance quotes in Mississippi.

The Nowell Agency Inc. is a leading insurance broker in Jackson, Mississippi. ForMississippi flood insurance contact us today.