What Is Commercial Marine Insurance?
Unlike watercraft enthusiasts and yacht or sailboat owners, your boat represents much more than leisure and weekend cruises. A successful fishing, cruise, or shipping operation requires a competent captain, a well-maintained vessel, and the right commercial insurance plan.
Commercial marine insurance secures profits from fishing, operating cruises, shipping, and other similar activities. It provides your business with resources to recover from property damage and the cost of legal fees and settlements from liability claims. This comprehensive coverage helps you resume normal operations on the high seas after an otherwise devastating equipment and machinery breakdown, capsizing accident, or total loss at sea.
- Missing vessels: commercial marine insurance covers the cost of repairing or salvaging boats after a collision or being stranded due to inclement weather.
- Negligence: if a collision that damages another boat is found to be the fault of your vessel’s captain or crew, commercial marine insurance covers the cost of liability claims for property damage.
- Personal injury: this covers medical expenses, rehabilitative treatments, and accident benefits. This is to compensate injured, sick, or bereaved parties as a result of vessel operations or a collision for which you are liable.
- Property damage: this covers damages sustained by a third-party as a result of vessel operations.
- Wreckage removal: if your commercial vessel is severely damaged at sea, your insurance will cover the cost of retrieval.
- Pollution: this protects you from fines associated with causing sudden and accidental pollution, as well as the cost of clean-up.
Depending on the size or nature of your commercial marine operations, you may also want to consider additional insurance coverage to ensure adequate financial coverage:
- Crew coverage: this covers liability claims associated with accidental death or dismemberment on the job.
- Stock-transit or Cargo coverage: this covers products you catch and carry until you profit from their sale.
- Nets and gear coverage: protect fishing equipment and recover their cost if they are lost on land or as a result of vessel damage or destruction.
- Catch coverage: recover revenue from lost catch or products as a result of a sunk or lost vessel.
Ask Our Brokers
At BrokerLink, we know that a reliable vessel is a lifeline for many Canadian residents. Whether it’s fishing, operating a cruise, or shipping, marine businesses like yours require adequate financial cover to secure your vessel and income from disasters at sea. That’s why our brokers work with top Canadian providers to equip you with comprehensive commercial marine insurance and tailor coverage options to your requirements. Whether you operate a single vessel or an entire fleet, trust our brokers to wish you a safe voyage and protect your livelihood from damage and liabilities.