Whether you operate a large fleet of commercial fishing vessels or a single water taxi, Hull and Machinery insurance is your best protection to keep your business moving. Our insurance coverage offers market-leading protection at highly competitive prices to cover a broad range of physical damage to your vessel’s hull, machinery and equipment against unique protections regarding damage claims and liability.
Liability coverage for boat, vessel or commercial marine hull
Protection and Indemnity (P&I) is a liability coverage required for all pleasure or commercial watercraft vessel owners. Your P&I marine insurance policy covers you for the liability risks arising from the ownership and operation of the vessel. The commercial insurance experts at Reliance Insurance will arrange a P&I policy tailored to your specific needs to ensure that you are completely covered.
Our protection & indemnity marine insurance provides coverage
- Collision liability
- Pollution liability
- Wreck removal
- Passenger liability (including personal effects and vehicles)
- Towers’ liability
- Cargo liability for both on-deck and below-deck cargo
Determine the correct marine insurance coverage
Our P&I limits range from $50 million to $1 billion USD, depending on your desired limit. Our risk strategy specialist will determine the level of coverage applicable to the business operation and what is deemed best practice. In the event of a claim, our P&I underwriters will appoint legal counsel to act on your behalf and will settle damages for all insured losses.
Tips to protect your liability
- Always use legal contracts and waivers with your clients to limit your liability. “Hand-shake” arrangements do not offer the protection you need.
- Make sure your safety and survival gear is up to date, in good working order and readily accessible.
- Ensure that your vessel operators are well trained in the appropriate maritime procedures and are acting in compliance with all rules and regulations.
- P&I insurance may be mandatory, but one size doesn’t fit all. Please speak with our vessel insurance experts at Reliance Insurance to ensure that there aren’t any gaps in your liability coverage.
Our comprehensive hull & machinery insurance
- “New for Old” replacement on machinery and equipment.
- Coverage for your Vessel’s equipment that stored ashore.
- Coverage for your Vessel during inland transit.
- Coverage for your Vessel during refit.
- Automatic coverage for newly acquired vessels.
- Plus many more additional coverages at no additional cost.
In the event of an insured loss, our Hull & Machinery insurance will pay for all the necessary repairs, by a repairer of your choice, to get your vessel back in operation. Our policies are based on “agreed value” and will not apply depreciation to parts or machinery during the settlement of claims.
Protect your vessel and your investment
- Have an out-of-water survey conducted periodically to locate potential problems before they become actual problems.
- Implement a maintenance program to keep all parts and machinery in good working order to help improve reliability and prevent wear and tear.
- Ensure your Vessel is insured to a proper limit. In the event of a Total Loss, would you be able to repair/replace your Vessel with a similar one for the amount your Vessel is insured for?
With dedicated risk advisors, and our own retail and marine MGA, Reliance understands your business needs.
You may need:
Equipment Breakdown Insurance
Equipment breakdown insurance can cover equipment losses due to power surges, short circuits, electric arcing and more.
Aviation Liability Insurance
Ensure you have comprehensive coverage for your aviation business and your brand reputation.
Cargo insurance guards your investment against the myriad of risks involved in shipping.
From small companies to large multi-vehicle fleets, we’ll ensure you have the fleet insurance coverage.
Reliance has a passion for helping businesses. As President for a public company that was growing and shifting its supply chain focus and we needed a fresh look at our insurance. They focused on our risk management and came up with timely, right-priced solutions.
— President, Value Drivers Advisory
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