Marine Insurance Business Interruption

Jun 7, 2018 | business marine insurance, commercial marine insurance | 0 comments

Loss of regular income can quickly devastate a thriving marine business. Marine business owners insure buildings, docks, and vessels and protect ourselves from liability but easily overlook the impact of lost income. If your normal business activities are disrupted how long can your business comfortably pay rent and employee salaries?

Sustaining your business during a time of calamity and ensuring that you can continue to meet all your financial obligations and keep valuable employees can be challenging. Business Interruption coverage removes the financial risk of losing your ordinary income and allows you to cover ordinary operating expenses including payroll and loan payments.

Additionally, there is Extra Expense coverage (EE for short) to cushion the negative impact of an interruption to your marine business. This EE applies to the time it takes to restore your business operations back to normal. EE coverage might include new expenses, including temporarily renting or leasing space until your facility is rebuilt or expediting shipping for necessary replacement items.

How the BI or EE insurance elements are structured can vary greatly, depending on the unique needs of each marine business. An experienced marine business insurance professional will assess the risks your business might encounter during the business interruption. Among the various kinds of considerations are the loss of rental income, equipment failure (including electronic equipment like computers), food contamination, and food-borne illness.

Want to learn more about business interruption insurance? Contact the marine business insurance professionals at Global Marine Insurance to find out more.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Articles

Spring Boating Checklist

Spring Boating Checklist

As the days grow longer and warmer, the allure of the open water beckons. Yet, preparing for a new boating season involves more than just dusting off your vessel and checking your insurance policy. Here's a comprehensive guide to ensure you're fully prepped for your...

Stray Electric Current Hazards

Stray Electric Current Hazards

Lethal stray electric current is a common risk that marina operators, boat builders, and yacht clubs need to take steps to prevent. This insidious threat can quickly pose a risk at marinas, which could lead to electric shock drowning. Aside from fatalities or bodily...

Boat & Yacht Sea Trials

Boat & Yacht Sea Trials

If you're considering buying a boat or yacht, it's highly recommended that you take it for a sea trial first. Why? Seeing a yacht while it's docked or in a showroom isn't the same as understanding its performance. A sea trial provides a perfect opportunity to...

Water Sports Towing Tips

Water Sports Towing Tips

How to Pull Skiers Safely Boat insurance coverage is important for protecting you against liability, but knowing how to pull skiers safely can greatly reduce the risk of injury for those in the boat, being towed, and on nearby boats. To ensure that everyone has a fun...

Maritime Workers Insurance Coverage

Maritime Workers Insurance Coverage

If you employ marine workers, it can be challenging to figure out what insurance you should invest in to ensure adequate coverage. There are two federal statutes governing compensation for marine injury claims: The Division of Longshore and Harbor Workers'...

Call Now Button