How to Work with Your Insurer When Experiencing a Loss
Marine insurance – just like health, automobile and homeowner’s insurance – can be a valuable safeguard in case something unexpected happens. And when something bad happens, it provides reassurance that you have assistance in place to help get back to business quickly. In the maritime industry, there is a high likelihood that your businesses will experience a loss at some point. Vessels run aground, cargo containers get damaged, and fires occur in shipyards. These are just some of the types of situations that can – and do – happen routinely to maritime owners and operators. Knowing these risks exist, you should ask yourself two questions to make sure your business is prepared: First, what can I do to mitigate the risk of loss before an incident occurs?
Shipyards: Hotbeds of Ingenuity – and Risk
A typical driveway mechanic can open up the hood, dive into a car’s guts and emerge hours later with an understanding of what is wrong. Even if the mechanic can't get the engine to purr, the situation usually ends up no worse than when he started. A ship repairer has a much trickier challenge. Whether in a huge marine repair facility, sharing his duties with thousands of other employees, or on his own, traveling from marina to marina performing maintenance and repairs, he usually is dealing with a vessel that was not designed for attention on land. In addition, unlike automobiles that roll off an assembly line, each essentially like the others manufactured in that plant, vessels come in all shapes and sizes – each with their own idiosyncrasies.
