It’s important to review your marine insurance policies periodically, whether you own a single vessel or an entire marine business. To help you do so more effectively, here are a few questions to consider when you bring out your marine insurance policies for review:
- Do I need to worry about insuring more than just property damage? While some vessel owners are happy to secure coverage for property damage, there may be additional concerns that require coverage, such as liability, cargo loss, employee issues, business interruption, and more.
- Does my existing coverage account for my current needs? Looking at your existing coverage can help you look at the growth of your marine business and estimate insurance needs as you grow, evolve, and deal with changing needs.
- What risks and losses am I most likely to encounter? Some losses are only covered by separate policies or optional additions to your main policy. While, in an ideal world, your marine business and vessels would be insured against any kind of loss, the financial reality is that many policyholders are forced to pick and choose based on the risks they are most likely to run into.
- Is my coverage adequate to provide for recovery? Does the coverage you carry really have the potential to help you recover after a loss event? Do you have a plan in place while you wait for the insurance company to process your marine claim? By looking at your insurance needs from the perspective of recovery, you can get a much clearer idea of what coverage is necessary and how to formulate a loss-mitigation plan if the worst happens.