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Pollution Insurance for Your Marine Company

marine pollution insurance

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.