Whether you’re a fisherman or own an operative vessel in the sea, your vessel and other marine equipment need to be taken care of. A marine insurance policy is a must to protect your equipment in case something terrible happens. It protects against natural calamities like earthquakes, sea storms, or other mishaps like fire, theft, etc. The maritime employers liability program by Talisman Casualty is the one you need for your marine insurance. This is coverage for insured employees who serve on operated or non-owned vessels.
Here are some questions that will help you choose the right marine insurance and ensure a smooth and stress-free sailing experience.
Is the loss settlement coverage based on actual cash value or agreed value?
Physical damage can occur at any time, and you must be well prepared for that. Ask your potential marine insurance company whether the coverage will be based on “actual cash value” or “agreed cash value.”
As per the actual cash value policy, you are covered for the amount that is the equipment’s current market value. The deductible and depreciation are considered in this case.
As per the agreed value policy, you will be given the amount decided at the time of the agreement.
While the agreed value policy seems better, it is expensive compared to the prior. You can take guidance from your insurer.
Do I have coastline coverage?
Your call Captive insurance policy might include some limitations on the vessel. These limitations include restricting your coverage area to some specified miles. If something happens outside that specified area, the policy won’t be applicable.
What types of physical damages will be covered?
Don’t forget to ask the insurance company about which kind of damages will be covered. The most common causes that are insured by companies are floating or submerged objects, vandalism, theft, hail, rain or fire, etc.
The causes vary from one marine insurance company to another, so take enough time to compare and find the one better suited for you.
What kind of damages will not be covered?
Along with the damages included, you must also know what kind of damages will not be covered. The policy generally also consists of an exclusion list. Understanding these exclusions is significant for your marine business. It will assist you in knowing your liabilities better.
What is the limit to my coverage amount?
Your amount of coverage is limited, and you should know it beforehand. Once the amount exceeds, the remaining charges will not be covered by the insurance company. You would have to pay this amount from your pocket, so you need to decide carefully.
These are the most important questions you can ask for getting the optimal cell Captive insurance company for your marine business. It would be a wise option to ask for an insurer’s guidance regarding your business needs. Don’t hasten your decision; take enough time in considering each aspect of the insurance policy.
