When you own a marina or vessel, like any business, you need protection. In the marine industry, there are a number of risks. Without the right Florida marine coverage, you could lose a lot of money if there was ever an accident. If you are thinking about marine insurance coverage, do you know what type will suit your needs?
Here is what your policy might include.
What Can You Include in a Marine Insurance Policy?
When it comes to any kind of insurance, there are several policies that you can include. It all depends on the type of business you have. The policies are guidelines when it comes to claims. You could opt for comprehensive protection, mark up value, or customization. With mark up value, you can include your profit in some of the coverage.
What Types of Marine Insurance Are There?
Marine insurance is an umbrella term that you can apply to a lot of different insurance coverage types. Some common insurance types include:
- Marine liability
Marine liability provides coverage for third-party liabilities. This may include illness, injuries, and more that occur when the vessel is in operation. Cargo covers any physical damage or theft to the cargo on board. Hull, on the other hand, protects you against physical damage that occurs to the vessel.