Companies that provide maintenance and repair services to vessels owned by others have a unique range of risks, but there’s still some key points of difference that require an experienced eye for coverage nuances to pick out. That’s why it’s a good idea for businesses that perform repair operations to work with insurers who have previously worked with companies just like them. General liability and basic forms of third party liability lack the specificity needed to finely tune that coverage for your business, and that matters when it comes to cost and to making claims with ease.
Public and Third Party Liability for Repair Operations
Providing repair to another vessel means taking on liability for the workmanship performed, including liability for damages to third parties you can’t directly anticipate. That’s why coverage tuned to the work you do in ship repair is so vital. Not all repairs are similarly risky if they fail, and your coverage should distinguish between kinds of risk to provide you with a finely-tuned cost structure that meets all your needs. Regular liability insurance that is aimed broadly across industries on land and at sea is usually built in a one-size-fits-all environment where those unique features are not assessed as accurately as when an experienced maritime insurer puts together a quote. Keep that in mind when you’re looking for ship repairers liability coverage.