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FAQ About Marine Insurance

Tyler Vogelsberg • Jun 26, 2019
Marine insurance is a general term that covers many aspects of marine activities, including boat building, ship repairing, cargo shipping or overland transporting. Are you a marine business owner and unsure if you need marine insurance? Learn more about marine insurance in general with these commonly answered FAQ about marine insurance.

What Businesses Can Marine Insurance Cover?

Marine insurance covers many businesses, specifically those dealing with marine-based activities. These businesses can include:
  • Freight shipping companies
  • Countrywide transport companies
  • Ship repair yards
  • Boat building facilities
  • Commercial fishing companies
  • Marina operating companies
If you are unsure whether your business requires marine insurance, speak to your trusted local insurance broker to find out.

What Policies Does Marine Insurance Offer?

Marine insurance provides a wide range of policies that can provide protection for various aspects of marine businesses. Read on to discover some common policies and what they typically cover.

Marine Hull
Do you own a boat, ship or fleet of marine vessels? Marine hull insurance can help cover the loss of or damage to your ship. Marine hull insurance covers incidents like storms and collisions with other ships. The insurance covers the entirety of your marine vessel, including the hull, motor, machinery and other equipment.

Additionally, marine hull insurance covers a wide variety of marine vessels, such as cargo ships, tugs, tankers, ferries and port boats.

Marine Cargo
Marine cargo insurance covers all imported, exported and transported goods. It covers against the loss or damage of these goods. Marine cargo mainly covers two areas: imported and exported goods to or from other countries or goods transported across Australia via aeroplane or freight truck.

Marine Liability
Marine liability covers personal injury or property damage to third-party persons or companies that help with marine procedures.

Specific policies can include:

Ship repairers liability: This policy helps cover any loss or damage to a ship under repair, personal injury to a ship repairer or property damage at the ship repair yard.
Marine or port operations liability: This covers damage to or loss of ships in a specific marina or port.
If you are unsure if your company can apply for marine liability insurance, speak with your local insurance broker.

Boat Builders
Boat builders insurance, also known as ship builder’s risk or marine builder’s risk, is insurance that boat or ship builders can use for protection while constructing marine vessels. The coverage extends from the initial build to the final product. This includes sea trials, marine vessel launch and delivery to the customer.

Boat builders insurance covers your entire ship, including the hull and machinery, whilst under construction.

Why Should I Get Marine Insurance?

You might wonder if marine insurance is important for your business. However, if you do not have marine insurance, you will have to cover expenses out of your own pocket if you have:
  • Damage to your marine vessel or freight
  • Loss of your ship or cargo
  • Loss of income due to loss or damage of ship or freight
  • Personal injury or property damage claims from a third-party company
Additionally, if you want or plan to work with other marine-related businesses, they might require a certain level of insurance coverage before they work with you.

Where Can I Find The Right Marine Insurance for My Business?

If you have a marine-based business and want to learn more about how marine insurance can help protect your business, speak to Westralian Insurance, serving Perth and state of Western Australia. Westralian Insurance comprehensive and customised insurance solutions for every business, from ship repair yards to freight companies, and are happy to answer your questions, address your concerns and meet your marine business insurance needs.

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