ANCHORED IN SECURITY
Avgen's Marine Insurance Solutions
Marine vessels are significant investments and come with unique risks and liabilities, so owners seek comprehensive insurance coverage to safeguard against potential financial losses. We provide an exhaustive list of insurances to keep you and your vessel safe, including:
PROTECTION AND INDEMNITY INSURANCE:
Insurance provides coverage for a wide range of liabilities that owners, operators, and crew may face while operating the vessel. P&I insurance is a type of marine liability insurance that goes beyond the coverage provided by standard hull and machinery insurance policies.
HULL & MACHINERY INSURANCE:
This coverage protects against physical damage to the vessel itself, including collisions, grounding, sinking, and other accidents. Liability coverage protects the owner against claims or lawsuits arising from accidents or incidents involving the yacht that result in injury or property damage to third parties.
POLLUTION LIABILITY:
Coverage for accidental discharge or spillage of pollutants, such as fuel or oil, into the water, which can cause environmental damage. WRECK REMOVAL: Costs associated with the removal, relocation, or disposal of a wrecked or stranded vessel to prevent obstruction to navigation or environmental damage.
PROTECTION AND INDEMNITY INSURANCE:
Insurance provides coverage for a wide range of liabilities that owners, operators, and crew may face while operating the vessel. P&I insurance is a type of marine liability insurance that goes beyond the coverage provided by standard hull and machinery insurance policies.
HULL & MACHINERY INSURANCE:
This coverage protects against physical damage to the vessel itself, including collisions, grounding, sinking, and other accidents. Liability coverage protects the owner against claims or lawsuits arising from accidents or incidents involving the yacht that result in injury or property damage to third parties.
POLLUTION LIABILITY:
Coverage for accidental discharge or spillage of pollutants, such as fuel or oil, into the water, which can cause environmental damage. WRECK REMOVAL: Costs associated with the removal, relocation, or disposal of a wrecked or stranded vessel to prevent obstruction to navigation or environmental damage.
TAILORED SOLUTIONS
Marina & Boatyard
Coverages for marinas, boatyards and dealerships typically face unique risks, requiring tailored coverage solutions:
PROPERTY COVERAGE
Buildings and Structures: Coverage for marina facilities, boat storage buildings, docks, piers, and wharves.
Contents and Equipment: Protection for machinery, tools, and other property such as lifts, forklifts, and fueling systems.
Business Interruption: Covers lost income and extra expenses if operations are disrupted due to damage from covered perils (e.g., storms or fire).
Contents and Equipment: Protection for machinery, tools, and other property such as lifts, forklifts, and fueling systems.
Business Interruption: Covers lost income and extra expenses if operations are disrupted due to damage from covered perils (e.g., storms or fire).
MARINE GENERAL LIABILITY (MGL)
SHIP REPAIRERS’ LEGAL LIABILITY
MARINA OPERATORS’ LEGAL LIABILITY (MOLL)
PROTECTION & INDEMNITY (P&I)
POLLUTION AND ENVIRONMENTAL LIABILITY
COMMERCIAL AUTO
HULL AND MACHINERY COVERAGE
Ship Repairers Insurance Cover
Introduction
Ship repairers play a critical role in maintaining and servicing vessels of all types. However, their operations involve significant risks, including potential damage to vessels, third-party liabilities, and employee safety. Ship Repairers Insurance provides essential financial protection against these risks, ensuring business continuity and peace of mind.
Why Ship Repairers Need Insurance Operating in a high-risk maritime environment means facing potential liabilities such as:
- Accidental damage to vessels under repair
- Third-party bodily injury or property damage
- Equipment or tool damage and loss
- Business interruption due to unforeseen events
- Having the right insurance coverage protects ship repairers from costly legal claims and operational disruptions.
Key Coverage Areas
1. Liability Coverage
- Covers damage to vessels in the ship repairer's care, custody, or control
- Protection against third-party claims for bodily injury or property damage
2. Property Insurance
3. Business Interruption Insurance
4. Workers' Compensation Insurance
5. Pollution Liability Coverage
Benefits of Ship Repairers Insurance
- Financial Security: Protects against unforeseen financial losses
- Legal Compliance: Meets industry regulatory requirements
- Business Continuity: Ensures uninterrupted operations despite potential risks
- Reputation Protection: Maintains trust with clients and stakeholders
How to Choose the Right Policy
- Assess Your Risks: Identify potential hazards in your operations
- Compare Coverage Options: Ensure comprehensive protection tailored to your business needs
- Work with Experts: Consult with marine insurance specialists to secure the best policy
- Review Annually: Regularly update coverage to match evolving business risks
Get Covered Today
Don’t leave your business exposed to unnecessary risks. Secure your Ship Repairers Insurance today to protect your assets, employees, and reputation. Contact us for a personalized consultation and get the coverage that fits your business needs.
TAILORED SOLUTIONS
Marine insurance solutions
Marine insurance policies are typically tailored to the specific needs and circumstances of each owner. Factors that can influence the cost and terms of insurance include the value of the vessel, its size, cruising area, intended usage (private or charter), the experience of the crew, safety and security measures in place, and the vessel’s history of claims or incidents.
Types of Coverage:
SALVAGE AND TOWAGE: Expenses related to salvaging the vessel in case of distress or towing it to a safe location in case of breakdown or other emergencies.
CARGO AND PERSONAL PROPERTY LIABILITIES: Coverage for loss or damage to cargo and personal property carried onboard the vessel belonging to third parties.
CREW LIABILITIES: Protection for crew against injuries, illnesses, or death that occur during the course of their employment onboard the vessel. This can include medical expenses, repatriation costs, and compensation for loss of income due to disability.
LEGAL COSTS: Reimbursement for legal expenses incurred in defending against claims or lawsuits arising from covered incidents.
FINES AND PENALTIES: Coverage for fines or penalties imposed by regulatory authorities due to violations of maritime laws or regulations.
TENDER AND TOYS: Coverage for any tenders, jet skis, or other recreational equipment carried onboard the vessel. LOSS OF CHARTER INCOME: For yachts that are chartered out, this coverage compensates the owner for lost income if the yacht becomes temporarily unavailable due to damage or other covered events.
EMERGENCY ASSISTANCE AND REPATRIATION: Coverage for emergency medical evacuation or repatriation of passengers or crew in case of a medical emergency.
SALVAGE AND TOWAGE: Expenses related to salvaging the vessel in case of distress or towing it to a safe location in case of breakdown or other emergencies.
CARGO AND PERSONAL PROPERTY LIABILITIES: Coverage for loss or damage to cargo and personal property carried onboard the vessel belonging to third parties.
CREW LIABILITIES: Protection for crew against injuries, illnesses, or death that occur during the course of their employment onboard the vessel. This can include medical expenses, repatriation costs, and compensation for loss of income due to disability.
LEGAL COSTS: Reimbursement for legal expenses incurred in defending against claims or lawsuits arising from covered incidents.
FINES AND PENALTIES: Coverage for fines or penalties imposed by regulatory authorities due to violations of maritime laws or regulations.
TENDER AND TOYS: Coverage for any tenders, jet skis, or other recreational equipment carried onboard the vessel. LOSS OF CHARTER INCOME: For yachts that are chartered out, this coverage compensates the owner for lost income if the yacht becomes temporarily unavailable due to damage or other covered events.
EMERGENCY ASSISTANCE AND REPATRIATION: Coverage for emergency medical evacuation or repatriation of passengers or crew in case of a medical emergency.
