Maritime Insurance Key Terms

Learn about the specifics of maritime insurance

Maritime insurance is an important part of running a maritime business. Owners of one or more vessels will need maritime insurance to cover all the equipment and employees working on the vessel at any given time. Ocean marine plans cover any damage or injuries occurring while the vessel is at sea. Inland marine plans cover damage and injuries occurring when the ship is docked or inside a structure for repairs. Maritime insurance plans also offer workers' compensation that is not covered by other federal compensation acts.

 

Admeasurement

Admeasurement is the official dimensions of a boat or shipping vessel. Admeasurement includes exterior dimension as well as the tonnage of a vessel, which determines the internal capacity.
Try: Jensen Maritime provides a guide to tonnage admeasurement for vessels.

Flag state

The flag state of a vessel is the country that governs the rules and regulations of its commercial actions.
Try: The Food and Agriculture Organization of the United Nations provides information on flag state responsibilities for fishing vessels in international waters.

Certificate of registry

The certificate of registry is a document that certifies a vessel has been registered to a specific nation. This certificate needs to be obtained in order to apply for certain types of maritime insurance.
Try: The United States Coast Guard provides information on vessel documentation needed to conduct business and trade.

Workers' compensation

Workers' compensation insurance is important for small and large maritime businesses. This type of insurance provides protection for the employer and employee in case of injuries related to the job.
Try: International Special Risks provides the specifications on the maritime workers' compensation policy it provides to maritime employers.

Longshore Harbor Workers' Compensation Act (USL&H)

The Longshore Harbor Workers' Compensation Act is an act that serves a similar purpose as the State Act Workers' Compensation, which does not cover maritime employees. The USL&H provides coverage for injuries or death occurring on the pier, wharf, dock or any other area specified for loading and unloading a vessel.
Try: Cornell University Law School provides the complete transcription of the Longshore Harbor Workers' Compensation Act.

Ocean marine insurance

Ocean marine insurance is a type of maritime insurance that provides liability coverage for water-based exposures.
Try: Travelers provides details on the different amounts of ocean marine insurance coverage available and what businesses can apply for marine liability coverage.

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