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Pollution Insurance for Your Marine Company

Pollution Insurance for Your Marine Company

Owning and operating a marine business means being aware of certain risks, like pollution. Adding marine pollution insurance to your policy equips you with the protection necessary to handle oil spills and other vessel pollution that may occur.

Benefits of Marine Insurance

There can be heavy legal ramifications if a vessel loses oil or other pollutants in the ocean, not to mention the damage done to the environment and sea life. The Water Quality Improvement Act was introduced in 1970 made it necessary for marine businesses to carry certain insurance. Basically, marine pollution insurance keeps your company on the right side of the law. Other benefits include coverage of the following:

Spill cleanup

Legal and criminal fees

Revenue loss

Property damage

This coverage is available for owners of a single ship or an entire fleet, dealing in oil, cargo, shipyards and marinas. Pollution can happen due to measures beyond your control, so it’s best to be prepared for that event before it happens. An agent can create an insurance plan that fits the size and scope of your business, keeping you covered in cases of disasters.

Protecting Your Vessels and the Ocean

To protect your vessel, your company and the environment, you need marine pollution insurance. Your business can operate legally and safely with this insurance covering you and your ships, so you don’t have to worry about sending your ships out to sea with inadequate coverage.

D&O Insurance: Coverage for All Business Types

D&O Insurance: Coverage for All Business Types

Many businesses think that they could go without insurance D&O coverage. There’s a belief that only public companies need to worry about D&O claims. Unfortunately, that’s not the case. Non-profit companies and private companies also face D&O litigation risks.

When Do You Need to Worry?

If your business has an advisory committee or corporate board, then you need to invest in D&O insurance. The revenue needed to fight a claim if your directors and officers are sued over company affairs could be in the tens of millions of dollars. Most companies don’t have that lying around. When you think of this as a large company problem, keep in mind that smaller businesses have fewer assets and need more protection.

What Are Some Risk Claims?

There are quite a few claims that result in D&O lawsuits. Here are some of those claims:

Failure to comply with workplace rules

Intellectual property theft

Fiduciary duty breach

Misrepresentation

The truth is that it is very easy for a company to end up with a lawsuit filed against them, particularly in the management of the company.

No matter the size of your business or whether you’re public or private, if you have an advisory committee, you need insurance D&O coverage. Without it, you may not have the revenue to fight a claim.