It’s hard to find insurance providers who truly understand your challenges as a marine contractor. Until now. Here are the top 3 ways we stand out from the rest:
You wouldn’t go to a dentist for a broken arm, so why go to an insurance company that doesn’t specialize in what you do?
We live and breathe marine construction, so we know what it takes to keep your business running smoothly—whether you own a small or mid-sized company, or work recreational, residential, or commercial projects on or near the water.
That’s our motto because that’s what we deliver. Every. Single. Time.
Our all-lines approach means we deliver pricing stability, streamlined claims management, and one-stop shopping for all your insurance needs. A single carrier that does it all? Yes, that’s who we are!
Between the pandemic and the hardening market, navigating today’s economy is like riding storm-battered waves.
Our industry expertise is just what you need to help shield your business during the inevitable dips and swells. Think of us as a rudder for your business.
For longshore and marine contractors who make their living doing dangerous work, handshake deals have been the norm for years. But a handshake just doesn’t cut it when you’re talking about who’s responsible if something goes wrong.
The best way for marine contractors to safeguard business before work begins is with a watertight contract to help plug any holes. Read on for five good tips to make part of your contract checklist.
If you’re contracted for more than one marine construction job with the same client, try and make that contract a Master Service Agreement. The MSA will act as a framework for current and future projects in terms of who is responsible for losses to people, property, and pollution that could occur during the course of work.
Before signing, make sure anything you agree to verbally is reflected in the written contract—like start and end dates, project scope, materials, cost, payment schedule, and any other specifics regarding who is responsible for delays or budget overages. If any details change while the project progresses, remember to update the contract with the new information. Depending on your agreement, you might also want to consider underbidding to ensure you have reserves in case of extra fees or penalties.
Are you acting as the General Contractor on the job, or have you been subcontracted to do one specific portion? Depending on the answer, your ability to tender a claim could change. That’s why GCs should make sure they have the proper Certificates of Insurance (COIs) for all their subs and try to be listed as an additional insured on sub policies. Conversely, if you’re a smaller marine contractor in a sub role, your ability to transfer risk up the chain is limited so it’s important to know what potential insurance liability you could have.
Do you know what exclusions you’re agreeing to? Look for them under the EXCLUSIONS heading in your policy. And check to see if completed operations coverage is part of your GL. Do you understand all the insurance terms used in your contract, like hold harmless, waivers of subrogation, and knock-for-knock indemnity? To better protect yourself, make sure to educate yourself below on what these terms mean and how they could affect you.
We know it isn’t feasible to make a quick run to a dredging platform. But if the job is somewhere accessible, do a pre-check to see if there are any potential hazards on site—particularly if you’re doing structural work. Taking “before” photos is also a good idea to prove conditions prior to your start date.
Customer Segment President
ProSight Specialty Insurance
Value Creation Executive
ProSight Specialty Insurance
We’ve teamed up with International Special Risks to bring our all-lines offering to marine contractors. As one of the largest marine intermediary insurance brokers, ISR delivers significant marine industry experience and a customer-focused approach.