Marine Insurance (Trades)
Marine Insurance (Trades) is explicitly designed to cater for a wide variety of businesses that operate in the marine industry. If you are a Marine Tradesperson (boat mechanic, electrician, upholster or detailer, Marine operator, boat broker, yacht club or freight forwarder), you must consider a comprehensive Combined Marine Liability policy to protect your business against potential third-party claims.
Public & Products Liability
Public and Products Liability insurance protects businesses if they are held legally liable for property damage or bodily injury caused to third parties due to their business activities, i.e., repairing a vessel.
Common Public Liability claims can include slip and fall accidents, property damage, or injury caused by defective on-site equipment. Products Liability claims can consist of injury or property damage by a product defect or failure or injury caused by inadequate warnings or instructions.
Advertising liability is a type of liability that arises from advertising or marketing activities of a business. It typically refers to claims arising from allegations of false or misleading advertising, copyright infringement, or other violations of intellectual property rights. Companies can purchase Advertising Liability Insurance as part of their general liability insurance policy. This coverage can help pay for legal defence costs, settlements, and judgments from advertising liability claims.
Pollution Liability Insurance protects businesses from the financial consequences of pollution incidents. It covers the cost of cleaning up pollution and liability for any damage or harm caused to third parties due to the pollution. All ships of more than 15m in length must have insurance sufficient to pay for potential pollution clean up, salvage and wreck removal.
Pollution Liability Insurance can cover a wide range of risks and exposures, including:
- Sudden or accidental pollution incidents, such as spills or leaks of hazardous materials.
- Gradual pollution, such as releasing pollutants over time from landfills, underground storage tanks, or other sources.
- Liability for bodily injury or property damage caused by pollution, including claims for medical expenses, lost income, and property damage.
- Legal defence costs associated with pollution liability claims.
Professional Advice Insurance covers claims arising from allegations of errors, omissions, or negligence in the performance of professional services—for example, faulty repairs or inadequate inspections. Professional Advice Insurance can help pay for legal defence costs, settlements, and judgments resulting from such claims.
Property in Your Care, Custody or Control
Property in Your Care, Custody, or Control Insurance protects businesses responsible for property that belongs to others. This can include property in the company’s care, custody, or control due to a service being provided, such as repair work, cleaning, or storage of a vessel.
This extension of a policy is critical to consider as some Pleasure craft policies may not extend to cover out-of-water repair works. Therefore, the boat repairer will be held liability for damages sustained if proven negligent.
Faulty Workmanship refers to errors, mistakes, or defects in the products or services provided by a business. It can include anything from poorly installed equipment to products not meeting quality standards. If a customer is harmed by faulty workmanship, the company may be liable for damages.
Statutory Liability Insurance protects businesses from the financial consequences of violating a specific law or regulation. It covers fines, penalties, and legal defence costs associated with a covered violation.
Hot Work Extension
Hot Works Insurance protects businesses that perform hot work activities from the financial consequences of property damage or bodily injury caused by a fire or explosion. Hot work involves using open flames, heat-producing tools, or other ignition sources, such as welding, cutting, or soldering.
Product Recall Insurance helps businesses cover the costs of recalling a defective product from the market. It can provide coverage for expenses such as:
- The cost of notifying customers and recalling the product from the market.
- The cost of repairing or replacing the defective product.
- The cost of storing and transporting the recalled product.
- Loss of profits due to the recall.
- Legal expenses associated with the recall.
Product Recall Insurance can be important for businesses that manufacture or sell products, as product recalls can be expensive and damaging to a business’s reputation. However, the specific coverage provided by Product Recall Insurance can vary depending on the policy and the business’s operations, with some policies providing broader coverage than others.
Storage Extension provides cover for watercraft in your care, custody, and control solely for the purpose of being stored.
Warranty/Guarantee Obligations are the failures of your product or service to meet the level of performance, quality, fitness or durability expressly warranted or represented.
In addition to the Combined Marine Liability, Knightsbridge Insurance Group can also assist with property coverage for:
- Private Jetties
- Commercial Jetties
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Marine Insurance helps protect your business across land and sea
What is the difference between Marine Insurance and Marine Cargo Insurance?
Marine Insurance plays a significant role in Australia due to the country’s extensive coastline, reliance on maritime trade, and vibrant marine industry. It covers various risks associated with marine activities, including transporting goods, vessels, and related liabilities. It is designed to protect businesses, individuals, and organisations involved in maritime operations from financial losses from damage or loss of boats, cargo, or other marine-related risks.
Marine Cargo Insurance is a sub section of Marine Insurance – it covers loss or damage to goods whilst in transit via road, rail, sea or airport.
At Knightsbridge, we provide Marine Cargo Insurance products to protect the carrying loads, not the vessel itself. We prioritise comprehending your business requirements and customising policies that align with your individual needs. Our goal is to offer you the reassurance you deserve.
Schedule a conversation with our friendly team today to explore your available options.
What is classified as a commercial marine vessel in Australia?
Commercial vessels encompass all ships engaged in activities for financial reward, even if no fees are received directly by the vessel (such as those used at resorts). Any boat involved in a commercial enterprise must be appropriately registered and operated by professionally qualified masters, engineers, and crew members.
Legal regulations dictate that commercial vessels must adhere to specific construction, equipment, and staffing standards. Typically, these vessels are purposefully constructed from the ground up, tailored to their intended functions and designated operating areas.
Who should consider Marine Cargo Insurance?
Any business operating ships or boats commercially or involved in delivering or receiving goods via a marine vessel should invest in comprehensive Marine Insurance. For example:
- Freight forwarders
- Marina owners
- Mining companies
- Tourism operators
- Importers and exporters
- Primary producers
By securing appropriate Marine Insurance coverage, you can safeguard your business against potential risks and financial losses associated with marine activities. Reach out to our team today to learn more!
How can we help?
At Knightsbridge, we recognise the unique risks and obstacles that businesses face on land and at sea. Choosing the right coverage can significantly impact your long-term sustainability and financial success.
Our team of skilled insurance brokers deliver prompt and personalised Marine Cargo Insurance solutions that align with your specific requirements and budget – supported by products from Australia’s largest insurance broker network, the Steadfast Group.
Don’t wait until it’s too late – make the right move for your business and get peace of mind with Knightsbridge today!
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Why work with Knightsbridge Insurance Group?
Knightsbridge Insurance Group is an Insurance Broking Business with over 70 years of collective insurance experience and is founded on generational values that make you feel secure, protected and cared for. As we grow and expand the Knightsbridge Family, we continue to have a deep understanding of your desire to innovate and be extraordinary — both in business and in life.
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