Commercial Boat Insurance Claims

Commercial boats can be defined as boats that perform a service. When you own a commercial boat, boating is your business; and like all businesses, it should be protected. There are a variety of commercial marine businesses, but yours is unique to any other. Your wants and needs are all your own, as should your commercial boat insurance policy. Many different coverage options are available to the policyholder of a commercial boat insurance policy.

From the deck to the dock to the crew, insurance coverage options are available to you.

Passenger Vessel Insurance

Your exact needs in a commercial boat insurance policy will always depend on the charter that you own and/or operate. Passenger vessel insurance is a necessary coverage for ferries, water taxis, any sightseeing or fishing tour boats, day or extended cruises, guides, etc. Passenger vessel insurance generally covers physical damage, dockside and equipment liability, protection for your passengers as well as any medical expenses that may ensue on their behalf. Towing and emergency assistance is typically standard in a commercial boat insurance policy.

Some optional choices for further coverage in a passenger vessel insurance policy include maritime employment liability coverage, which would cover liabilities to the employed crew aboard your vessel. Liquor liability and shore side property and causality coverage are also to be considered.

Marina Insurance

While protection of your watercraft may be crystal clear, full protection of the surrounding property is not always as transparent, but it is just as important. Marinas and boat harbors are not only exposed to the weather elements, but also to the public. From theft protection to fire protection, obtaining the proper insurance coverage is critical. Storage coverage for your vessel is pertinent to the well-being and maintenance of your boat.

Business Interruption

Any good business plan includes a plan for the worst. No matter the size of your business, your investment needs protection. There are many potential problems that could affect your boating business, and it is best to be prepared for them all. If your business slows down or ceases due to reasons such as property loss, equipment damage, etc., business interruption insurance can be what salvages your business.

Compensating for everything from revenue lost to employee wages to repairs, business interruption insurance is highly recommended for any business of any size.

Fishing

Commercial fishing vessel coverage is available to crab boats, tuna boats and the like. Commercial marine operators face many risks in their everyday work life; insurance coverage is highly recommended. Protection for the crew and expensive fishing equipment are among top priorities for an owner/operator of a commercial fishing boat. Any diving, snorkeling or swimming required by crew members would need separate coverage, that is absolutely worth considering

Shipping

When it comes to ocean cargo, your commercial boating shipping business faces many factors that can lead to liabilities. All vessels and their merchandise are unique, so like most other insurance policies, coverage options vary. Standard ocean cargo insurance policies protect your merchandise from warehouse to warehouse.

Some extended coverage options include but are not limited to: returned shipments, exhibitions, processing and more.

Pollution

In the event of a pollution accident, there are many liabilities the owner and/or operator of that commercial vessel can face. Liabilities include but are not limited to: clean-up costs, damage to natural resources and third parties, any revenue and profit loss to third parties, civil or criminal penalties, etc. When purchasing a commercial boating insurance policy, pollution coverage should be highly considered, as accidents happen.

Tourism/Sightseeing/Tours

If you own and/or operate a boat carrying passengers for hire, you have a number of legal responsibilities. The owner of the vessel is considered responsible for any damages that are as a result of negligence. Customarily, negligence is considered any situation in which a passenger or a crew member gets hurt, excluding only instances of intentional self-harm.

In The Event of a Loss:

Just because the waters have been choppy, doesn’t mean your commercial boat insurance claim cannot go smoothly. As a policyholder, it is important to ensure that if possible, no further damage occurs to your vessel. The more information you can provide your insurance provider with the better. Pictures are always optimal. If your yacht insurance claim involves other people, names, numbers and insurance providers are essential.

If your commercial boat insurance claim has been denied, delayed or underpaid, please call the Merlin Law Group today for a free consultation.