Commercial Marine General Liability Insurance

Marine Products Liability

What is the difference between Commercial General Liability Insurance and Marine General Liability Insurance?

Marine companies need general liability insurance, but they need to make sure that they have Marine General Liability Insurance. The main difference between Commercial General Liability Insurance and Marine General Liability Insurance is the CGL policy usually has an exclusion for "Boats in the Insured Company's Care, Custody or Control". So if you are servicing air conditioning units or the engines, on any boats, and you have an exclusion for boats in your care, custody or control, what are you really paying for?

You also need to make sure if you our housing or storing any boats at your facilities that you have coverage for these boats. They are not owned by you, but they are in your care, custody and control. It will probably not go over to well if your customer's boat is stolen, and your insurance agent has to tell you that you have no coverage even though you've been paying premium for the last 10 years.

Marine Products Liability

Manufacturing companies know full well the improtance of the Commercial General Liability policy because this is the policy that usually provides them their product liability protection. Marine manufacturers also need product liability, but they tend to have a little more difficulty in getting insurance that covers their marine products. Product liability provides for defense costs and reward settlements when law suits are brought against the insured manufacturing company due to bodily injury or property damage. So if you product is responsible, or an attorney tries to claim that your product is responsible for causing a wrongful death, dismemberment, fire, or other types of damage, then your product liablity policy could be the difference between bankruptcy and survival. We have access to the insurance companies that want to insure your marine manufacturing product liability.

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