What is Ocean Marine Insurance, Who Needs Coverage, and How Do I Sell It?
Let’s start with the basics of Ocean Marine Insurance. According to Wikipedia, Ocean Marine Insurance “covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property.” In layman terms, it’s for folks who move cargo over the water.
Who needs the coverage?
People who have commercial fishing vessels, professional charter boats, passenger vessels, cargo ships, marinas. There are other needs as well such as personal watercraft owners, airboats, mega yachts, dinner cruises, or anything over 26 ft really. The point is, not all the boats have to be used for a business. If your potential clients have a jet ski or wave runner, they are candidates just like the potential client that takes you out on a scuba diving excursion.
What is the available Coverage?
- Uninsured and under-insured boaters insurance.
- Medical Payments
- Pollution Liability
- Longshore and harbor workers compensation Insurance
- Liability and Excess Liability
- Maritime Employers Liability
Southern Insurance Underwriters helps you navigate your way to great rates with our Ocean Marine Insurance Coverage. We not only have access to Excess and Surplus markets, but several A rated Admitted carriers as well. We have teams of dedicated Marine Underwriters to work with you for your needs. Here are some coverage highlights:
- All-risk protection for yachts of all sizes and values, as well as dinghies, outboard motors and boat trailers
- Personal Effects coverage
- Emergency Commercial towing and assistance
- Automatic coverage for newly acquired yachts, under specific circumstances
- Operating at Port Risk