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Protect your marine business the right way

October 23, 2015

There are a lot of different marine insurance policies out there, which can make choosing the right cover a little daunting. Of course, a good marine underwriter can guide you towards a policy that not only meets your needs, but also suits your budget.

Today, we’ve decided to share information about one of our most popular and fastest growing marine product – Marine Combined Liability.

Who benefits from holding a Marine Combined Liability policy?

This policy is perfect for businesses who operate within the marine industry. Especially those who have 3^rd party watercrafts in their care.

Some examples include:

• Marine trades, such as boat builders and boat detailers.
• Marina, wharf or jetty operators.
• Yacht or rowing clubs.

Of course, there are plenty of other businesses in the marine sector who would benefit from the peace of mind provided by Marine Combined Liability cover.

What do you get out of it?

Trident’s Marine Combined Liability cover has plenty of features, but in this blog, we’re going to focus on some of the main ones. These include:

• Combined General Public and Products Liability – includes Marine Liability (Ship Repairer’s Liability) for businesses with land and water-based liability risks.
• A significant Goods in Care, Custody or Control limit of up to $20 million – this protects businesses that have high value goods within their physical or legal control.
• Statutory Liability Cover – with a sublimit of up to $1 million.
• Claims Preparation Costs – with a sublimit of up to $20,000.
• Testing, Commissioning and Removal of Wrecks – all covered.
• No limit on length of watercraft – work completed on crafts of any size is covered.
• Professional Indemnity – cover for advice provided without a fee is automatically included. (You may also opt to include a Professional Indemnity extension, if you provide professional advice for a fee.)

Case Study – Sparky causes boats to catch fire

5 large cruisers caught fire in Pittwater, Sydney in 2009. One of the boats was insured by Trident. The fire started when an electrician used spirits to clean up grease on the boat he was working on. When he turned on a vacuum, a spark ignited the spirits and the boat caught fire. Astoundingly, 4 other boats in the area caught fire too.

A fast thinking fire crew cut the mooring lines, which allowed the boats to drift away from others in the marina. The fires were eventually put out and no one was seriously injured by the blaze.

Total damage was estimated at around $5 million.

The electrician would have seriously benefited from Marine Combined Liability insurance in this case. Read an article on the incident in the Sydney Morning Herald.

Get a quote fast

In most cases, we are able to provide a Marine Combined Liability quote within the same business day it is requested. Our Marine Combined Liability cover is backed by Lloyd’s of London – one of the most reputable and market leading marine insurers in the world.

For more information about Marine Combined Liability insurance, please head here. Or contact our brokers for a free quote.

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What is the biggest risk to Australian business?

October 2, 2015

Allianz released its 4^th annual ‘Risk Barometer’ survey this year. The report lists the top 10 risks faced by businesses in 2015, both internationally and in Australia.

The list itself offers important insights into the changing face of business in Australia, and around the world. Business interruption and supply change risk was the number 1 worry for all respondents, no matter where they were located in the world.

Why Business Interruption is a concern

In its report, Allianz noted that today’s interconnected corporate environment makes businesses more vulnerable to business interruption. It makes sense. Businesses today rely almost 100% on online systems. At the very least, any functioning business requires email. On the other end of the scale, some businesses operate solely online. So when a website goes down, so do profits.

Case Study – Virgin Blue 2010

In 2010 Virgin Blue’s online booking system stopped working for about 11 days. The outage cost Virgin approximately $72,000 per hour in downtime and around 50,000 people were affected.

What happened? The reservation management company behind Virgin Blue compensated the company a cool $20 million. All because of a booking system glitch.

What else do businesses worry about?

Loss of reputation and brand value was the second most important worry for Australian businesses, while competition was held in equally high regard. It’s interesting to note the differences between Australian businesses and those in other parts of the world. For example, concerns about talent shortages and ageing workforces were high on the list for Australian businesses, but did not make the top 10 for businesses elsewhere in the world.

Source: Allianz Risk Barometer 2015

Methodology

The survey was overseen by international risk consultants, underwriters, businesses, claim experts and senior managers from the AGCS and Allianz.

• 516 respondents from 47 different countries participated.
• Each respondent was asked to name the 3 risks most relevant to their business.
• Respondents were from mid and large-scale industrial companies.

Is there a solution?

It is possible to protect against foreseeable risks, such as business interruption, those listed above and many more. A good insurance broker will explain what insurances are relevant to your industry or line of work, so you don’t waste funds on unneeded policies.

Virgin Blue was compensated for the massive losses they experienced on the back of their booking systems’ failure, and it’s important that your business is protected in a similar way. Contact our brokers to discuss what business insurances are right for you.

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