What is Commercial Hull Insurance?
Commercial Hull Insurance (also known as marine insurance or boat insurance) provides cover for vessels used for commercial purposes on Australian waters. This insurance is ideal for you if you operate charter vessels, small work boats, tugs and barges.
Who needs it?
You should look into it if:
- You’re operating a charter service (carrying passengers),
- You own or operate a commercial vessel in Australian waters,
- You’re working together with your local Port Authority.
What does Commercial Hull Insurance include?
It generally covers you for:
- Accidental damage,
- Accidental sinking – providing the vessel is in a seaworthy condition at the time of sinking,
- Theft and Malicious damage,
- Personal and crew property,
- Legal liability cover for accidental death or bodily injury to a person other than you and your crew,
- Legal liability for accidental damage to other person’s property,
- Passenger liability for bodily injury to a passenger whilst being carried by the commercial vessel or caused by food or drink prepared and served by you.
Most charter and commercial vessel operators require marine insurance to be in place, not only for their own protection but in order to satisfy legislation and regulations set out by your state’s Port Authority.
You should check with your local waterway that you meet their guidelines by having the right insurances in place. This ensures you’re protecting your interests and your business if there are any issues at sea.