Marine, Charter and Boat Insurance
Serving the Needs of Boat Owners, the Charter Fishing Industry, and Cargo Companies
Boats are part of everyday life in the Caribbean. Regardless of whether your boat is used solely for recreation or it’s part of your trade, it’s essential to protect your investment from common risks. Not only can boats be damaged or destroyed in hurricanes, tropical storms, and other extreme weather events, but they may unexpectedly strike underwater objects. Unfortunately, boats can also be subject to criminal mischief such as theft and vandalism.
At Caribbean Risk Group, we assist private and commercial boat owners in safeguarding their vessels with tailored insurance policies that meet their specific needs.
Comprehensive Coverage for Boats
There are many considerations when it comes to tailoring a boat insurance policy, including the age and condition of the boat, the value of the watercraft, and where it will be operating. Specifically, these types of policies are generally divided into two parts — physical damage and liability. While physical damage coverage applies to accidental loss or damage, liability pays for damage that your boat might cause to others.
A boat insurance policy typically covers the following:
- Damage to the boat, anchors, and equipment
- Destruction caused by collision,
- Damage caused by fire, lightning, and windstorms
- Theft or vandalism
- Property damage liability
- Bodily injury liability
- Guest passenger liability
- Medical expenses
Although taking out an “all risk” policy offers a significant amount of protection, it’s critical to understand that not every type of loss is covered. In certain situations, it may be a good idea to secure additional coverage for the boat’s trailer and any accessories. Other add-ons to your policy can include salvage, towing, cruising, and consequential damage costs.
The insurance team at Caribbean Risk Group understands that your boat isn’t just a piece of property to you — your boat helps you create memories with friends and family and gives you the opportunity to explore new places. We take the time to evaluate your needs and will customize a policy that provides you with peace of mind knowing that the value of the vessel you worked hard to acquire is safeguarded.
Protecting Your Livelihood with Charter Boat Insurance
Charter boats have very specific insurance requirements that are vastly different from recreational boats. Whether you operate a charter fishing or sightseeing business, it’s crucial to have insurance coverage in place that protects your vessel — and your livelihood. Importantly, carrying passengers comes with a significant amount of responsibility and it’s vital to shield yourself from liability arising from unforeseen accidents or injuries.
Insurance coverage for charter boats can include the following:
- Protection and indemnity
- Passenger medical expenses
- Pollution liability
- Towing and emergency assistance
- Dockside liability
- Replacement vessel liability
- Shoreside liability
- Personal property and fishing tackle coverage
- Liability coverage for the employment of the captain and crew
Making sure you have adequate and affordable coverage for your charter operation should be a top priority. The coverage you need can vary, based on how many passengers your boat will be carrying, how often you will be chartering, and the type of charter operation. The experienced team at Caribbean Risk Group can help you navigate the complexities of charter boat insurance and help you select coverage that fits the needs of your business.
Safeguarding Your Goods and Cargo with Ocean and Inland Marine Insurance
Manufacturers and commodity traders have unique insurance needs — weather events, fires, and theft are just a few of the many risks associated with shipping and logistics that can threaten your business. Having the protection of a solid marine insurance policy is imperative to safeguard your investment from these exposures. While ocean marine insurance covers cargo and merchandise as it is transported over water, inland marine insurance shields you from losses in connection with transportation on land.
Marine insurance is highly specialized, and each policy must be tailored to meet the needs of your industry. At Caribbean Risk Group, we understand that there are multiple levels of risk involved when it comes to transporting goods. We skillfully assess your company’s insurance requirements and will create a comprehensive plan to ensure your assets and bottom line are protected from loss.
Contact Caribbean Risk Group to Learn More About Our Services
Caribbean Risk Group is committed to assisting boat owners, charter companies, and cargo shipping businesses with a wide variety of insurance needs. Located in St. Thomas, our team will discuss your options and help you implement cost-effective solutions for your charter, boat, and marine insurance needs. Contact us for a free quote today by calling (340) 774-2323.