St. Paul Travelers announced the introduction of the Shipwright Program for specialty ship repairers and marine contractors with annual gross receipts of $350,000 or less.
Now, a single policy combines marine general liability, ship repairers’ legal liability and miscellaneous property coverage for this specialty market.
The new program utilizes a highly automated and simplified rating approach to offer competitive pricing, flat premiums, low deductibles and comprehensive coverage.
George Butler, director of business development for the St. Paul Travelers Ocean Marine Division, noted, “One of the risk management challenges faced by companies involved in ship maintenance and repair is the difficulty of obtaining an insurance program that effectively addresses both the marine and non-marine exposures in a seamless fashion. This is particularly difficult to achieve on a cost-effective basis when the insured has a relatively small level of gross receipts.”
The Shipwright Program offers features to small businesses, such as:
— Coverage for products and completed operations liability and contractual liability;
— Premises liability coverage;
— Worldwide liability coverage;
— Automatic $5,000 miscellaneous property coverage limit for tools; and
— No errors and omissions exclusion.
“The Shipwright Program provides a comprehensive and competitively priced solution to small businesses by combining Marine General Liability, Ship Repairers Legal Liability and Miscellaneous Property coverage into a single policy specifically tailored to their needs,” said Butler.
Shipwright is immediately available to employee-owned or owner-operated ship repairers and marine contractors that are primarily involved in marine repair work, have been loss-free for at least three years, and have gross receipts of $350,000 or less.
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