Coverages
Frequently Asked Questions
WAYS TO SAVE ON YOUR WORKERS’ COMPENSATION INSURANCE PREMIUMS
- Create an active safety group and written program
- Create a return to work program
- Offer employees light duty work who are hurt on the job
- Do pre-employment physicals on all new hires
- Establish an employee health insurance plan
- Incorporate a written drug and alcohol policy into your employee manual
- Management must be committed emotionally and financially to a safety program
- Some types of businesses need to create a drug and alcohol testing program
- Comply with all OSHA requirements
- Buy a medical or indemnity deductible
WHAT IS COVERED BY HULL INSURANCE ON A MARINE POLICY
The items covered as part of the hull include the following: the hull itself, furnishings, sails, electronics, engines, and other machinery that is part of the hull. In some cases, outboard propulsion motors are part of the hull insurance but it may be better to describe them and insure them separately. In most cases, coverage also applies to hull items separated from the hull for events such as storage or repair. On most commercial ocean marine policies the vessel's tenders are covered as part of the hull but this also means they have the usual large hull deductible.
VESSEL INSURABILITY – WILL I NEED A SURVEY, IF SO, WHAT DOES IT ENTAIL?
In many cases the insurance company will request a "condition and value survey". If this is requested it would require the vessel owner to hire a local marine surveyor with a NAMS (National Association of Marine Surveyors) or SAMS (Society of Accredited Marine Surveyors) certification to perform a survey. The cost of this survey is usually paid by the vessel owners. The surveyor would look over the vessel, test certain vessel systems, arrive at a value and an assessment of it's insurability. This form would be given to the insurance company underwriters to aid them in determining vessel insurability and premiums.
WHAT DOES PROTECTION AND INDEMNITY (P&I) INSURANCE MEAN?
It is the liability portion of your policy.