Maritime insurance is the oldest known form of insurance and today is a must for all ship owners and cargo transporters. Most business owners who transport cargo and personnel over water understand the need to guard against the perils of the seas and protect themselves against claims from third parties.
Enlisting the services of maritime underwriters is a smart move when setting out on a maritime shipping endeavor. Insuring your business assets is just as critical when transporting domestically as it is when shipping overseas to foreign countries. Consider the following maritime insurance basics:
1. Educate yourself about maritime transport insurance laws and regulations.
2. Stay informed about ocean shipping insurance trends and maritime insurance rates.
3. Browse through a list of maritime insurance agencies before deciding which agency is right for your business.
Become aware of maritime cargo insurance laws and restrictionsUnderstanding US and foreign laws and restrictions pertaining to commercial maritime insurance is a must, as rules can be complicated for buyers and sellers transporting cargo overseas. To make sure there are no surprises, become educated about foreign and domestic regulations. It will also be prudent to review court cases dealing with maritime insurance so you can understand previous maritime cases and precedents should any problems arise.
Stay up-to-date on maritime shipping insurance trendsUnderstanding ocean freight insurance trends and occurrences is critical for the success of your operations and will guard against any surprises your business may face. This will allow you to plan for any increases in maritime insurance rates or added security needs. Seeing how maritime insurance trends have acted over the course of the past year or two will allow you to have a more accurate picture of the situation.
Find a maritime insurance agency that fits your business needsUnderstanding what your business requires and the type of ocean transport insurance you need is the first step in finding the right maritime insurance service. Whether your needs encompass cargo, personnel, terrorism or liability safeguards, maritime insurance providers have you covered. Make sure you review multiple insurance providers before deciding which maritime insurance services are best for your business.
- It is important to realize that insurance against war risks is not always included in maritime insurance packages. You may need to pay an extra premium or separately purchase insurance against such risks if you will be transporting in dangerous waters.