Specialty boat repairers involved in woodworking, deck and hull repair, engine maintenance, canvas and sail repair and many other marine services face the challenge of obtaining affordable insurance that addresses both their marine and non-marine exposures in a seamless fashion.
Travelers announced this week several substantial enhancements to its Shipwright policy which combines marine general liability, ship repairers’ legal liability and miscellaneous property coverage in a single policy for this specialty market.
Travelers’ Shipwright improvements include broadened eligibility along with options for increased property and liability limits, workboat coverage and lower deductibles. Now available for boat repairers with revenues up to $500,000, the Shipwright policy offers new optional features not usually available to specialty boat repairers, such as:
Liability limits up to $5 million per occurrence and in the aggregate;
Miscellaneous property coverage limits up to $30,000 for tools and supplies;
Optional deductibles as low as $1,000 for marine general liability/ship repairer’s legal liability (MGL/SRLL); and,
Workboat coverage on broad “All Risks” terms.
The higher liability limits are being offered in response to the changing work environment. “These boat repairers often have modest gross receipts and can have difficulty obtaining the higher liability limits that many boatyards and marinas now insist upon,” said Chris Cooke, marine liabilities practice leader at Travelers Ocean Marine. “Where a $1 million liability limit might have been adequate a few years ago, $2 million or more is now often required to start work. The new Shipwright policy makes getting these higher limits both simple and affordable.”
The availability of workboat coverage is another key enhancement. Depending on the type of work performed, boat repairers often need a boat themselves.
Shipwright is available to employee-owned or owner-operated boat 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 up to $500,000. For more information about this product, contact your local independent agent or Travelers representative.
Source: Traveler Ocean Marine
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