Protection for businesses operating commercial vessels, watercraft, moving cargo, or running a marina
Marine insurance helps protects your business from loss or damage to vessels and cargo as well as the delivery and storage of goods.
Who should consider it?
Marine insurance is important for businesses involved in shipping or receiving goods, operating watercraft commercially, repairing vessels, running a marina and more.
Marine insurance can provide valuable cover on both land and sea for:
- Freight forwarders
- Importers and exporters
- Marina owners
- Mining companies
- Primary producers
- Removalists
- Tourism operators
- Wholesalers
What can it cover?
There are different types of marine-related insurance policies – the type you choose will vary based on your specific needs.
Depending on the type of policy you choose, marine insurance policies can cover:
- Goods transported by sea, air, rail or road from collection point to delivery
- Marina operators, yacht clubs, ship repairers, port authorities and other marine service providers against third-party injury and property damage
- Loss or liability for commercial vessel operators, such as charter or tourist boats, fishing vessels, tugs or barges
- Trucking or logistics companies who transport goods within Singapore
- Pleasure crafts, such as yachts or cruisers for accidental damage, theft, sinking, property damage and even third-party injury for water skiers
What isn't covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.
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Case Study
Cover for when you can't be there
Export business takes a hit
Kerri runs a small business that exports organic cheeses from Australia to Asia. It’s a new business, so she works very hard to provide quality products and build her client base.
Recently, a shipment of her cheeses that were going to a new client was left on the dock unrefrigerated - and the cheeses were spoilt. Not only did Kerri lose valuable product, but she also missed out on the repeat business of the new client.
Thankfully, Kerri had marine insurance, which covered her products from the time they left her business until they were in her client’s possession. While her insurance didn’t help her keep the new client, at least the insurance fully reimbursed Kerri for the cost of the cheeses that were spoilt.
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