Does your marine business insurance cover you for environmental insurance claims? Is it adequate?
Marine business owners and operators need to be mindful of a wide variety of potential pollutants that could wreak havoc on marinas and shipyards or cost into millions of dollars in liability.
When you work in marine business insurance and process claims, you see countless ways that marinas and shipyards can be exposed to environmental risk either by accident or on purpose. There are circumstances where hazardous chemicals spill as people load or unload their boats – or times when tenants or other parties knowingly dump pollutants ranging from fuel to waste or other products.
Storage tanks rupture, equipment corrodes and fails, and cleaning and weed control chemicals are spilled. Vandals cause damage that negatively impacts the environment. Asbestos or mold are discovered in old buildings. Natural disasters strike.
Resources like spill control plans and comprehensive marine business insurance are essential to protect your business.
When you review your policy with a marine business insurance specialist, you will want to ensure that you are protected for various situations. These might include:
- Property damage
- Testing, excavation and removal of hazards or contaminants
- Remediation and disposal of hazardous waste
- Clean up costs
- Third-party bodily injury
- Liability, for instance, impact on neighboring businesses and tenants if their business is interrupted and property damaged
- Unknowingly increasing the extent of contamination
When you have comprehensive marine business insurance, there are benefits to having environmental liability insurance. In addition to defense costs and third party liability, you will have a marine business insurance specialist to help you with your claim.
Which marine business insurance products are the best for your marine business? Contact the marine business insurance specialists at Global Marine Insurance to discuss your unique requirements.