Marine Insurance in Florida: Do You Need a Broker?

Managing a marine business comes with risks that could ultimately endanger the success of your company. Having marine insurance to protect against significant financial losses is necessary. If you are looking for marine insurance in Florida and you live in Miami, Ft Lauderdale, or Palm Beach, Wilson, Washburn, & Forster Insurance, Inc., can help. We understand how important protecting your marine equipment is to the success of your business.

What Is Marine Insurance?

Marine insurance in Florida covers risks associated with transporting cargo, vessels, and other property by sea. In general, it provides financial protection against business losses and damages. When events such as natural disasters, vessel collisions, cargo damage, and operational liabilities occur, marine insurance can cover the costs.

According to Florida marine insurance laws, marine insurance includes protection for your marine-related items that include damage to:

• Vessels, craft, aircraft, and cars
• The contents of the shipment
• Person or property in connection with the marine business
• Precious stones, jewels, jewelry, gold, silver, and other precious metals
• Bridges, tunnels, and other transportation-related infrastructure

Understanding what kind of marine insurance you need is critical to obtaining the optimal protection for your business and financial future.

Marine Insurance Types

One in eleven seafarers will sustain an injury at work, with some being severe enough to cause permanent disability. For this reason, workers’ compensation is one of the most common types of marine insurance. Ultimately, the type of marine insurance you need depends on the specifics of your business. Different marine insurance options include:

• Protection and indemnity (P&I)
• Ship repair legal liability (SRLL)
• Marina operators’ legal liability (MOLL)
• Maritime employment liability (MEL)
• Workers’ compensation (WC)
• United States longshore and harbor workers’ compensation (USL&H)
• Commercial auto insurance
• Commercial property and wind insurance
• Cargo insurance

There can also be differences in the claims processes. For example, a dispute of maritime law or involving parties from different states would go through the United States District Court for the Southern District of Florida; simpler cases involving policy or the insurer’s misconduct usually fall under Florida state courts, such as the Miami-Dade Clerk of Courts.

When you own a marine business, your insurance should cover damage to vessels, cargo, and people, as well as liability costs such as accidents, storms, and theft. The purpose of marine insurance is to protect your ship and goods as well as provide coverage against third-party claims. At its core, marine insurance exists to help ensure your business can withstand the risks of maritime operations.

Aligning Marine Insurance With Your Business

When considering marine insurance options, it is critical to align your coverage with your business activities. Your policy may differ from others based on whether you operate commercial vessels, manage ocean cargo, or deliver marine contractor services. When you work with our law firm, we can identify risk factors affecting businesses, manufacturers, and contractors.

Hire a Marine Insurance Lawyer

Maritime operations come with risk. When you own a marine business, there are distinctive challenges that can impact your operations and bottom line. A marine insurance attorney has specific knowledge of complex maritime law and can protect your rights against powerful insurance companies.

Marine insurance cases involve stressful legal and administrative tasks in claim processing. There is a lot of paperwork, and the laws can be complex. In addition to gathering evidence, an experienced marine insurance lawyer can handle every step of your claim. They can also help you negotiate a fair settlement and represent you in court.

Maritime laws and marine insurance policies can be complicated. When you hire a marine insurance lawyer at Wilson, Washburn, & Forster Insurance, Inc., we help find the most favorable insurance and risk management solutions. When you choose a marine insurance attorney at our firm, you gain a team that prioritizes your business. We know how important your marine investment is, and we take the time to get to know your core business functions.

FAQs

Who Needs to Be on My Marine Insurance Policy?

Those who should be on your marine insurance policy include anyone with an insurable interest in maritime activity. This includes shipowners, shipbuilders, vessel operators, cargo owners, importers/exporters, and shoreside businesses. Whether you will need hull and liability coverage or cargo coverage, it is important to include everyone who is at risk on your premises.

How Much Does Marine Insurance Cost?

Marine insurance policies can significantly vary depending on key factors such as the value of goods, mode of transportation, destination, level of coverage, perceived shipping risks, packaging and handling, claim history, deductibles, and other risk factors. The higher the risks are, the more expensive your policy is likely to be.

What Shipping Risks Should I Know About?

The shipping risks you should know about include the perceived dangers of a shipment, the type of goods covered by your marine insurance provider, historical loss data, shipping route, and destination. Shipping hazardous material can also increase insurance rates, as well as the season, specific cargo characteristics, and use of specialized equipment. All these factors can increase shipping risks.

Which Marine Insurance Is Ideal?

The ideal marine insurance for you is not necessarily the same ideal coverage for someone else; every policy is unique. You should look for a policy that covers all the risks that you face. All risk coverage covers most types of losses, but there are some exclusions. When choosing policy options, one that includes liability is also important.

Florida Marine Insurance Lawyer

Running maritime operations comes with many risks, but you do not need to let that stop you from doing your work. Even if you have an existing insurance policy, it is a good idea to periodically review your coverage to identify potential savings and gaps. We understand the law, and we can provide professional guidance while looking at your current marine insurance policy.

Contact us and learn about various insurance options from a knowledgeable marine insurance lawyer at Wilson, Washburn, & Forster Insurance, Inc., when you schedule a free, no-obligation case review. Protect your marine business with marine insurance in Florida today.