Marine Insurance: Spring Cleaning Should Include Evaluating Insurance Strategy
An essential part of spring cleaning is sorting through what you have, deciding what needs to be kept, and throwing out what can safely be eliminated. The tidy end result lets you move forward in the best shape possible. An annual “spring cleaning” of insurance coverage is equally valuable for a business operation. Whether the economy is booming and cash flow is substantial, or times are tight and shaving costs is essential, a business should step back at least once a year, take a look at its assets, and evaluate its current risk management strategy. The goal is to make sure the company is maximizing its benefit from premium dollars.
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.
