Marine Insurance Brokers

Marine Insurance Brokers are salespeople or companies that sell marine insurance. Marine insurance covers loss or damage to ships and the equipment on board those ships. Marine insurance also covers any damage done to terminals, onshore and offshore property, and the individuals on board the ship. Marine insurance providers also sell insurance that covers the cargo on board a ship and will take on the liability for the shipping company while it is at sea.

Marine Insurance Brokers do not only sell marine insurance policies to large shipping companies. Many also sell insurance policies to small organizations, companies, and even individuals who own boats for pleasure rather than profit. Many companies require every motorized boat to have an insurance policy. It is recommended by marine insurance providers that an individual or company always insure the hull, the machinery of the craft, and fixtures and fittings of a craft. Larger ships that move cargo will need a different type of policy that is much more complex.

Essentially, Marine Insurance Brokers claim that these three types of insurance are the most important for a boat. Other types of insurance may be necessary, like liability insurance and health insurance, but the boat must be protected with marine insurance. The hull is the part of the boat or ship that keeps it afloat. Hull insurance protects the ship against certain dangers, and will usually cover only certain situations. Some types of hull insurance protect against collisions, while others do not.

Machinery and fixtures and fittings insurance will cover the other important parts of the boat. Machinery will cover the motor and other mechanical parts on board, while fixtures and fittings may include anchors, depth-finders, and so on. This type of insurance is important because if any of these things break, repair can be costly, but it is more important to choose a good hull insurance policy for the vessel.

Many insurance brokers will offer special insurance plans for pleasure vessels. Pleasure vessels are boats, ships, and yachts that are not used for commercial purposes. This type of insurance will often include third party collision insurance, to protect the owner of the vessel in the case of collision.

Marine Insurance Brokers often recognize that it is difficult to write a single insurance policy that will cover every vessel owner, so often, marine insurance policies are written for the individual. It is important to examine the policy closely to ensure that it covers everything the individual requires it to cover, and to make sure that the insurance providers are not leaving unnecessarily legal loopholes.