World maritime trade is valued at $12 trillion. With so much at stake, this industry is subject to massive losses. For example, a commercial marine company was recently found liable for $23.1 million in cleanup costs after its oil barge collided with a tanker and spilled 282,000 gallons of oil into a river.
All types of watercraft come with risks that can result in cargo or property damages, crew or passenger injuries and environmental damages. With more than 52,000 merchant ships trading internationally and in domestic waters, there is a vast need to provide coverage solutions for this industry.
Available Ocean and Commercial Marine Coverages include Cargo, Marine General Liability, Freight Forwarders Legal Liability and Hull and P&I.
Cargo Coverage plays an important role in protecting goods against any loss or damage during the various modes of transit. Cargo can be insured for its ocean voyage, air transit, overland transit against perils of the sea, air and domestic conveyances truck/rail mishaps.
Burns & Wilcox can provide tailored policies to a client’s requirements by insuring the transit from the time it is manufactured until delivery to final destination.
Freight Forwarders act as an intermediary in providing a one-stop shop by providing various logistic services and acting as agents for the ship, air carrier, transportation broker or warehouseman. They operate under set trading conditions and generally are members of trade associations.
Coverage from Burns & Wilcox is designed to protect the Freight Forwarders against their legal liability for physical loss of/or damage to customer’s cargo and for consequential resulting losses. It also covers liability for financial loss incurred by a customer resulting from failure by the insured, partly or totally, to perform contractual obligations.
Hull and P&I
Protection and Indemnity (P&I) Insurance was specifically created to address the unique needs of the marine industry. As a leading provider of wholesale specialty insurance, Burns & Wilcox delivers the knowledge and resources needed to limit exposure to the financial damages resulting from third-party liabilities.
Owners of commercial vessels face many perils which can result in damage to their ship. With a vessel out of commission, owners of marine-based business may be at risk for lost revenue. With repairs costing upwards of hundreds of thousands of dollars, it is important to ensure that adequate coverage is in place to mitigate the financial burden of getting a vessel back in service.
Burns & Wilcox can provide access to coverage for a variety of commercial boats of all sizes and types. From charter boats to research vessels, Hull Insurance through Burns & Wilcox safeguards your clients from the financial strain caused by physical damage to their vessels and machinery.
Marine General Liability
In the ever-changing landscape of the ocean marine industry, marine professionals face many perils which can affect business operations. Without the proper insurance coverage in place, marine professionals can be exposed to financial strain if held liable for liability claims. Marine General Liability is the first steps in limiting this exposure and meeting the insurance needs of your client’s maritime operations.
Marine General Liability through Burns & Wilcox provides peace of mind for marine professionals ranging from stevedores, wharfingers, terminal operators, ship repairers, and more.
As a leader in providing access to wholesale specialty insurance, Burns & Wilcox has the products and expertise needed to safeguard the reputation and business operations of all your marine professional clients.
Coverage Details and Features
- Access to Domestic & London Markets
- Online Certificate Issuance System
- Coverage for a wide array of shipments
(including but not limited to)
- Boat dealers
- Marine contractors
- Boat or marine product manufacturers
- Cargo (for shipments by vessel or air)
- Marine service industry
- Fishing guides
- Excursion boats
- Wharf and dock owners
- Waterborne contractors equipment
- Recreational boats
- Freight forwarders
- Hull and P&I
Marine electronics manufacturer
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