Advice on Choosing a Maritime Insurance Provider

maritime

As a charterer, you understand that one of the primary ways of meeting shipowners’ interests is getting a comprehensive insurance cover. Most shippers’ sale contracts will require that you purchase maritime insurance to safeguard buyers’ interests. If you fail to do so, you can be charged for any damage or loss to the shipments. But most charterers have no problem with buying maritime insurance. And they understand the risks of not doing so.

The one challenge here is finding maritime insurance policy providers that can handle the multifaceted naval business. That’s irrespective of whether you are looking for fixed P&I or a worker compensation insurance policy. But with a few checks, you can make your search easy and quick. And yes, confirming the company’s reach and commitment to serving the industry is critical here. But to further narrow down your options, you might want to consider the following qualities:

Knowledgeable

There is a broad range of insurance products to choose from for your maritime business. And yes, you can purchase all these policies. But the chances are that your particular shipping business does not require most of them. How will you know the exact strategy to choose? Your maritime insurance policy provider should have a mastery of all these policies to guide you in finding only those that you need to purchase.

Excellent service

When dealing with policy providers, note that it does not only involve offering insurance policies. They should be friendly in how they handle you and other clients. Besides, they should listen keenly to your maritime insurance needs to know how the best way to customise your policies. Confirm that they have a customer service charter by which they serve their clients.

Consultancy

a consultant for insurance

Does that insurance policy provider offer consultancy services for the different maritime policies that they provide? Does that include advice on other strategies that they do not offer but that you might need? It is best that you work with policy providers that offer unbiased information on maritime policies. Additionally, it will be cost-saving if they include these consultation services in their policy packages.

One of the primary reasons to get a comprehensive maritime policy is that you will avoid being responsible for any loss. Yes, that will include whether the cargo is at the dock or while at sea. More so, the policy will cover your entire shipping business besides your shipments. And your insurance being comprehensive does not only include workers’ compensation but also fixed P&Is. That could be different for carriers, though.

If you are a carrier, by law, you are not responsible for losses from natural disasters. But even in instances when you are fully accountable, the policy will restrict the liabilities that you should shoulder. As a shipper, in these instances, it is imperative that you also buy a maritime insurance policy. It will help you to cover the losses that your carrier’s insurance policy does not cover. If you feel unsure, you can look for more information online.