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.
This policy is perfect for businesses who operate within the marine industry. Especially those who have 3rd party watercrafts in their care.
Some examples include:
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.
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:
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.
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.
October 2, 2015
Allianz released its 4th 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.
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.
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.
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.
The survey was overseen by international risk consultants, underwriters, businesses, claim experts and senior managers from the AGCS and Allianz.
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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