What to consider when purchasing commercial marine insurance

There are a lot of options available when it comes to purchasing a commercial marine insurance policy.

Selecting a policy and any additional coverage will depend on the type of business you operate and the risks involved. Because the risks involved with operating marine equipment can be extensive, it’s important to know what to look for, and discuss your options with an agent. Below are just a few things to consider when purchasing a policy.

Inland marine

This coverage protects from a variety of exposures. While your marine vessel is in transit, inland marine insurance will protect your asset from damage or destruction. It also provides liability coverage in the case of damage or destruction that may occur to property in your care during transport. This can include protection against perils such as theft, collision, fire, flood, and more.


If your business ships valuable cargo, especially internationally, cargo insurance is a must. This will cover a shipment in the case of damage and destruction. Since shipping cargo is typically a joint venture between the ship owner and owner of the cargo, there are different types of policies designed to meet the needs of each party, which depend upon local and international laws and the type of contract each side agrees upon.

Uninsured boat owner coverage

This coverage will afford you protection in the event of an accident with the owner or operator of an uninsured boat, or even in the event of a “hit-and-run.”

Towing and assistance

If your vessel is stranded at sea, the costs to tow it back to port can be considerable. This coverage will protect you in the case of a breakdown at sea, reimbursing you for all reasonable costs associated with being towed to port.

Your deductible

Deductibles for commercial marine insurance policies vary widely. Of course the higher the deductible, the lower your premium will be. You want to make sure it isn’t too high though, because if you can’t afford the deductible in the case of a claim, your business could come to a halt.

Commercial marine policies vary extensively, from policies that need to secure risks that amount to a few thousand dollars, to multi-million dollar policies. In addition, commercial marine insurance is a highly competitive business.

For these reasons, it’s important to talk to a professional agent who can get you the greatest coverage at the best price. The expert agents at John B. Wright Insurance can get you the best deal for your dollar, and will make sure you and your business are fully protected. Contact us here.