Most everyone is familiar with insurance and probably contributes to a policy. However, many marine industry clients find themselves looking for consistent, reputable insurance to cover their unique responsibilities. Ship repairers, in particular, support many important niches, such as commerce, trade, travel and even some defense programs but often struggle under competitive pressure and a need for faster service. Because it’s important to protect the people who are responsible for so much, a marine product liability program is essential to continued success.
This type of coverage focuses on important parts of a repairers job, such as building, outfitting, refurbishing, maintaining and the repair process for many vessels and marine products. Without these men and women, we sacrifice much, from a weekend retreat to an overseas mission. A marine product liability program is designed to minimize risks repairers face during their daily operations and protect them against damage to equipment or watercraft in their care, personal injury and destruction to third-party property.
Combine within this program there are various parts, extending to piers, wharves, docks, boat shows and various exhibitions, depending on the level of coverage chosen. Because the industry is so unique, those in the field should assess their position and decide what specific coverages they need to be fully protected.