The Coverage You Need to Keep Afloat
We're Your Beacon When a Storm Knocks You Off Course
Beyond covering the cost of replacing your vessel in the event of a total loss, The Strong Agency can provide Protection and Indemnity Coverage (P&I). P&I is a similiar coverage to your homeowners or auto policy and will keep your business running in the event of a loss.
These are a few options P&I covers:
- Pay maintenance and cure for sick or injured crew.
- Pay your defense costs in a personal injury suit
- Pay to repair damages caused by your vessel to another vessel, equipment, or facility
- Pay for death or injury to people caused by your vessel
- Pay for pollution cleanup caused by the wreckage of your vessel
Hull and Machinery Insurance
Hull and Machinery Insurance is a type of Ocean Marine coverage that protects your vessel in the event physical damage is caused by a peril of the sea or while you vessel is in transit over the water. This coverage can be applied to cover a single vessel or a fleet. A key factor in this coverage is the collision liability provision.
The Collision Liability Provision
Costly damage will devistate your business in the event your vessel collides with another vessel. This portion of the Hull and Machinery policy can ensure your financial stability.
P&I with Hull and Machinery Insurance
It is important to keep in mind, Hull and Machinery policies only cover you in the event of a collision with another vessel. Should your vessel collide with a pier or other fixed object P&I coverage takes the lead. Where P&I covers you in you in a broad range of incidents, Hull and Machinery covers the physical damage to your vessel in the event of a collision with another.
When hiring new crew, it is highly recommended that you implement the use of contracts in the case of pre-existing medical conditions. To learn more, call or email Patrick Chamberlin today!