Marine
CRS
International Limited leverages its talented team of Marine
Insurance specialists to manage a significant book of Ocean and
Inland Marine insurance business throughout the United States and
Canada. These professionals are thoroughly familiar with the full
range of coverage available and have developed strong relationships
with the domestic and international insurance markets that
underwrite them. If Marine insurance appears to be an appropriate
solution to your risk management problem, CRS' Marine experts will
work with other Client Service Team members to design, negotiate,
and place a tailored and cost-effective program.
Not only does our Marine insurance staff have solid experience with all aspects of Ocean and Inland Marine insurance, but also it has demonstrated particular strength in Legal Liability and Cargo covers. Whether Marine insurance is a central or minor element of your risk management program, CRS’ Marine marketing professionals will put their comprehensive product knowledge, design creativity, and negotiating clout to work on your behalf.
The CRS Marine Marketing team can offer creative approaches to:
- Inland Marine Exposures, including Accounts Receivable and Valuable Papers, bailee, processing, installation and installment sales risks, specialty equipment for agriculture, communications, contracting, electronic data processing, logging, mining, and scientific work, a wide range of transportation exposures, from Trip Transit, Motor Truck Cargo and Domestic Air Cargo to railroad rolling stock, bridges, tunnels and pipelines, tanks and tank storage, and Warehouseman's Legal Liability, as well as Difference in Conditions protection.
- Commercial Property Coverage for warehousing and distribution centers, manufacturing and processing risks, aviation service operations, marinas and boat dealers, truck terminals, and communication and broadcasting risks.
- Hull Insurance for boat dealers, charter party boats, commercial hulls, dry docks, head boats, outboards, and yachts, including coverage for Hull Builder's Risk, Loss of Charter Hire, Port Risks and War Risk.
- Cargo Exposures, including exports, imports and freight forwarders' exposures, and coverage for Foreign Air Cargo, war risk, and coastwise, inter-coastal, lake and river exposures.
- Marine Liabilities, including Excess Legal Liability, Protection and Indemnity, Comprehensive General Liability, Safe Berth protection, and coverage for the liabilities assumed by charter, marinas, ship repairers, stevedores, terminal operators, and wharfingers.
Marine Insurance FAQ's
What is the difference between Agreed Value and Actual Cash Value
policies?
Agreed Value is the fair market value of your vessel as agreed upon
by you and the insurer when your policy is first put in place. In
the event of a Total Loss of your vessel this is the amount that
will be paid by your insurer without deduction for deprecation.
Actual Cash Value, or ACV, is the Replacement Cost of your vessel or
equipment less depreciation, as determined by the insurer at the
time of loss.
What is covered in the hull value of my policy?
The hull value includes the actual value of your boat and motor
including other equipment as is generally required aboard for the
safe operation and maintenance of the vessel. It does not include
your trailer or personal articles.
Why are surveys required?
Surveys help to protect your investment by identifying existing and
potential safety and maintenance problems. An independent surveyor
will not only point out trouble spots but will also suggest
solutions. Insurers often require surveys to prove the value and
condition of vessels.
Does my policy include coverage for the tender?
Some policies automatically cover tenders under the hull coverage
section. Others require these items to be separately identified,
often with a reduced deductible.
What is Protection & Indemnity?
Protection & Indemnity is the third-party liability section of your
policy. This protects you if you are sued for property damage or
bodily injury (to someone other than yourself) arising out of the
negligent operation of your vessel.
Can I insure my boat and trailer on the same policy?
Most insurers allow you to add physical damage coverage for your
trailer to your boat policy. However, the liability coverage must be
purchased separately.
What is a Trading Warranty?
The Trading Warranty or Navigational Area, defined in your policy,
identifies the area that you must stay within for your coverage to
remain in effect. If you plan on operating your vessel outside this
area, written permission must be obtained from your insurer in order
to maintain coverage.
How do I obtain coverage if I charter my boat?
For an additional premium many insurers will agree to endorse your
policy to allow for a limited number of charters. If you plan on
chartering your vessel on a more regular or full-time basis you may
need to replace your existing policy with one that covers commercial
charters.
Contact a CRS Specialist today info@underwritingpros.com .
