Commercial Vessel Insurance
Platinum Commercial and General Insurance is able to arrange, place and manage all your marine commercial vessel insurance.
A marine commercial vessel insurance policy will cover your commercial vessel which typically includes:
- the hull,
- motors/machinery,
- equipment and accessories (excluding sporting equipment),
- sails, masts, spars, booms and fittings, spinnaker poles, standing and running rigging,
- trailer, and
- dinghy or tender used with your commercial vessel which is capable of a speed of 20 knots or less
while navigating or in transit within the navigational limits specified in the Insurers Policy Schedule including while the commercial vessel is at any marina, slipway or location when laid-up ashore
Insurance underwriters may specially agree to cover you for the following items and specify them in your commercial vessel insurance policy schedule (subject to express underwriter agreement):
- any dinghy or tender used with your commercial vessel capable of a speed exceeding 20 knots,
- sports, fishing and diving equipment, and
- consumable stores.
LOSS OR DAMAGE TO YOUR COMMERCIAL VESSEL
Typically, your commercial vessel insurance policy will cover you for loss or damage to your commercial vessel caused by any of the following insured events:
An accident
- if your commercial vessel is damaged accidentally
- if your commercial vessel sinks accidentally, provided it was in seaworthy condition at the time of sinking.
Other damage
Loss or damage caused by:
- a latent defect within the hull or motors/machinery (excluding the cost and expense of replacing or repairing the defective part) causing loss or damage to your commercial vessel, or
- negligence of employed skipper master and/or crew, or
- negligence of the repairers (excluding you) or charterers,
provided the loss or damage has not resulted from lack of due diligence by you.
Theft
- of the entire commercial vessel including trailer, equipment and accessories
- of part of the commercial vessel including trailer, motors/ machinery, equipment and accessories from:
- the commercial vessel, or
– the place of storage of the commercial vessel, trailer or the equipment and accessories,
provided there is visible evidence of forcible and violent removal/ entry into the commercial vessel or place of storage.
Malicious damage
If your commercial vessel is damaged maliciously.
Transit damage
If your commercial vessel is accidentally damaged during transit on its own trailer by road, rail or ship provided your commercial vessel is designed to be normally trailered and you are complying with all statutory requirements.
Your commercial vessel insurance policy will also typically cover you for accidental damage to your commercial vessel whilst a professional road transporter is transporting your vessel provided you inform the underwriter beforehand and the underwriters have agreed to extend cover in writing.
Recovery or removal of wreck costs
If your commercial vessel is damaged or sinks accidentally and the insurance underwriters decide to recover it or the law requires that it must be removed, the underwriter will pay the reasonable costs of the removal/ recovery of the wreck provided it was in seaworthy condition at the time of sinking. These costs are recoverable in addition to the total sum insured of your commercial vessel and are subject to a limit each and every loss or series of losses caused by the one insured event.
Other expenses incurred to avoid or minimise loss (salvage costs)
If your commercial vessel gets into difficulties or is damaged accidentally, your commercial vessel policy will typically pay the reasonable costs of action to:
- minimise loss or damage, or
- remove the commercial vessel to safety, or
- dry all the electrical equipment in the power unit(s), or
- clean and oil the power unit(s), or
- land towing costs to take your commercial vessel to the nearest repairer in an emergency following a loss, limited to a total amount payable for all claims during the period of insurance.
Government Authority
If your commercial vessel is deliberately damaged by Federal, State, or Local Authorities exercising their rights under current legislation in order to prevent or minimise an environmental hazard/pollution resulting from an insured event and provided this has not resulted from your lack of due diligence.
War
If your commercial vessel, whilst afloat, suffers loss or damage due to any acts of war, civil war, revolution, rebellion, insurrection, civil strife or any hostile act by or against a belligerent power.
Arrest or Detention Cover
Your Commercial Vessel Insurance Policy will typically cover loss or damage to your vessel as well as reasonable legal fees and expenses incurred by you to obtain the release of your vessel following impounding, arrest, detention, confiscation or any like act by governmental authorities as a result of an act committed by any charterer, master or crew.
This coverage is provided typically assuming you were without knowledge of such an act committed by a charterer, master or member of crew.
Personal and Crew Property
If a claim is paid under this type of policy for loss or damage to your commercial vessel, your policy will usually also cover you for loss or damage to any personal property of yours or property belonging to your crew which were onboard your commercial vessel at the time of the such loss. Subject to a limit each and every loss or series of losses caused by the one insured event.
Repairers Negligence
Your Commercial Vessel Policy will usually cover loss or damage to your commercial vessel as a result of a negligent act or breach of contract of the repairer in respect of any repair, alteration or maintenance of your commercial vessel.
LEGAL LIABILITY COVER
A Commercial Vessel Insurance policy will usually cover for Legal liability - operating your own commercial vessel:
Typically this type of insurance policy will cover you and any person allowed by you to control your
commercial vessel against legal liability for:
- accidental death or bodily injury to a person other than:
- you;
– your crew;
– paying passengers unless you have requested and the Insurer has agreed to provide optional Passenger Liability
- accidental damage to other people’s property (excluding paying passengers and crew unless you have requested and the Insurer has agreed to provide optional Passenger Liability, caused by the use of your commercial vessel.
ADDITIONAL COMMERCIAL VESSEL COVER AVAILABLE
Passenger liability - commercial use
If the Insurer has agreed to cover you and provided you have paid the additional premium, the policy may cover you or any person allowed by you to control your commercial vessel (within the requirements of any law) against legal liability for:
- accidental death or bodily injury to a passenger while
- being carried by the commercial vessel;
– entering or leaving the commercial vessel including a jetty, pontoon or wharf operated or maintained by you;
- accidental death or bodily injury to a passenger caused by food and drink prepared and served by you;
- accidental damage to personal effects of a passenger while on your commercial vessel, subject to a limit any one item to a maximum total for any one passenger for any loss or series of losses caused by the one insured event, unless otherwise specified in the Policy Schedule.
Pollution liability - commercial use
If exclusively agreed with Insurers to provide cover and usually subject to additional premium, Insurers will cover you or any person allowed by you to control your commercial vessel (within the requirements of any law) against legal liability for:
- actual physical damage to property caused by accidental discharge, emission, spillage or leakage upon or into waters or land of oil, petroleum products, effluent or sewage from your commercial vessel provided the discharge, emission, spillage or leakage does not arise from wilful negligence or wilful misconduct with your knowledge;
- any costs associated with the cleaning up of an accident site following an insured event provided that you were liable for the clean up and the discharge, emission, spillage or leakage and was not caused by your wilful misconduct or negligence, subject to a limit each and every loss or series of losses caused by the one insured event.
This extension of cover usually excludes:
- Death, bodily injury or illness;
- Contractual or assumed liability;
- Any loss of use or consequential loss;
- Breach of any Federal, State or Local legislation regulating or controlling the discharge, spillage, emission or leakage of oil or any other substance into navigable waters or elsewhere or removal of or liability for discharge, spillage emission or leakage.
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