Marine Insurance Brokers: Protecting Your Vessels & Cargo

A marine insurance broker works on behalf of their customers in order to find the type of insurance they need to protect their boats and the cargo they may carry.

What Marine Insurance Brokers Do

Marine insurance brokers analyze their customer's risk and find underwriters with policies that match their needs and their budgets. Marine insurance includes protection in case of cargo damage, cargo loss, ship damage or personal injury liability.

Marine Insurance Terminology a Broker may use

In order to make sure you choose the right insurance for your needs, there is some terminology you should make yourself familiar with.

All Risk Coverage

All risk coverage covers everything-the boat, machinery and cargo-unless it is excluded on the policy

Agreed-Value Coverage

If there is a total loss of the ship, an agreed-value policy will pay the price the customer and the insurance company has agreed upon.

Actual-Cash Value Coverage

In case of total loss, the policy will pay the value of the ship at the time of the incident.

Protection and Indemnity Coverage

Protection and indemnity liability covers customers in case their vessel damages another vessel or if someone is hurt while on the ship.

A marine insurance broker will not only know these terms but will assess your risk to make sure you are covered according to your needs.