Posts Tagged ‘Protection’

3 Reasons Why You Need Boat Insurance

Boat Insurance

Unlike on-road vehicles, in most states, boat insurance is not required. However, your bank or marina may expect boat insurance beyond a typical homeowners’ policy. To avoid unexpected losses often associated with having a watercraft, here are three reasons why you need boat insurance.

1. Offset Litigation Costs

Properly insuring your boat may protect you from liability claims that could arise due to unexpected injury or damage. Many boat insurance policies pay for legal damages incurred during a suit and provide a defense attorney to represent you.

2. Investment Protection

Generally, purchasing a boat costs thousands, and protecting your investment from unforeseen losses is crucial. Often all-risk policies with consequential coverage protect your watercraft by allowing a boat insurance claim covering damage associated with storms, fires or vandalism.

3. On-water Storage

While not all marinas require boat insurance, most need proof of coverage before they’ll accept a contract to house your boat. Additionally,  some marinas will want to be listed on your policy before they lease a slip or mooring.

Even if your watercraft may be aging and not worth as much, it’s still a good idea to purchase insurance coverage. You can buy a flexible policy that fits your needs and avoid even higher costs that could arise due to collision, damage or injury.

Covering Your Clients With Professional Liability Insurance

Professional Liability Insurance

As an engineering firm owner, you understand how much your clients rely on you and your team to come up with the designs commissioned. From calculations that drive design choices to detailed drawings, there is a strong focus on the specifics because they make all the difference between a design that works and one that doesn’t. What happens when a mistake in your analysis or an oversight leads to a faulty design, especially one that results in damages or losses?

Understanding Engineering Liability Insurance

Mistakes do happen, but the consequences of mistakes in engineering and design can be disastrous. It’s important for you to have professional engineering liability insurance that protects your company from lawsuits and claims by a third party due to losses incurred from errors and omissions in your work. This type of protection is also known as Errors and Omissions (E&O) insurance and can help cover your operations:

  • Mistakes in design
  • Omissions in deliverables
  • Wrong professional judgment calls or recommendations

This coverage inspires confidence with your clients in the way you do business as you have a policy that addresses your deliverables and claims that may arise.

Getting the Right Protection

Professional engineering liability insurance should not be confused with general liability that covers property damage or accidental falls. E&O insurance specifically addresses your work product and can cover legal defense costs and settlements. You owe it to yourself to buy a policy that is tailored to your firm’s specific needs.

What Is Cargo Insurance?

Cargo Insurance

Companies that transport cargo are responsible for ensuring that it reaches its destination undamaged. Any type of accident or mechanical malfunction could end up in a transport vehicle damaging or losing the entirety of its cargo. In this type of event, cargo insurance offers indispensable financial protection.

Do All Carriers Need Cargo Insurance?

Failing to have adequate cargo insurance coverage can result in costly liability to a shipper. Even if a company is transporting its own goods, it should still insure them. Not only will it be faced with a considerable internal loss, but it may also be in breach of contract to whomever the goods were being delivered. For these reasons, it’s important that all motor carriers obtain cargo insurance.

How Affordable Is Cargo Insurance?

The cost of a policy will depend heavily on the value of the cargo, the number of vehicles transporting it, and the distance that it is being transported. Working with an insurance provider that is experienced in serving clients in the trucking industry will give you access to the most competitively priced carriers.

What Coverage Options Are Available?

Cargo insurance companies offer policies that are based on a scheduled vehicle basis or according to your total revenue. They can also provide coverage for goods while they are being stored in a warehouse.