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King Insurance Partners provides insurance to maritime employers in Gainesville, Ocala, Tampa, Orlando, Daytona Beach, Jacksonville, and surrounding areas and states.
Commercial maritime vessels carry Protection and Indemnity Insurance that protects a company’s insured employees on a company-owned and operated vessel. However, if an employee works onboard a vessel owned by another company whenever it operates machinery or transfers goods, they would not be covered under your general policy.
Maritime Employers’ Liability Insurance is the solution to this circumstance. Maritime Employers’ insurance covers insured employees while they work on someone else’s vessel. A Maritime Employers insurance policy will follow the employee, even if they work on multiple non-owned vessels. Determining if your company has Maritime Employers Liability exposure can be more complex than it seems. This coverage is not defined in government statutes but based on case law and, therefore, can change. For more information and assistance determining your exposure, our insurance agents in Gainesville can provide comprehensive, personalized policy information.
At King Insurance, our Gainesville, FL, insurance agents understand the importance of protecting your employees and the business you have worked hard for from liability. Contact King Insurance to discuss our comprehensive industry-specific insurance plans and receive a free quote today!
What Does Maritime Employers Insurance Cover?
Unlike commercial and maritime insurance, Maritime Employers’ Liability insurance is not regulated and overseen by a state or federal agency. Therefore, there is no legal requirement to hold Maritime Employers Liability insurance or specific coverage requirements. This lack of regulation also means there are no limits on the amount of compensation that can be recovered if there is a liability incident. These policies are customizable and can include,
- General Maritime Law of the United States
- Jones Act
- Death on the High Seas Act
- Maintenance, Cure, and Wages
However, Maritime Employers Liability insurance does not cover worker’s compensation. Those cases will fall under a separate worker’s compensation policy or the general commercial insurance policy.
How Much Does A Maritime Employers Insurance Policy Cost?
Determining the cost of a Maritime Employers insurance policy is an in-depth, highly personalized process. Several factors contribute to the overall cost of the policy, including the number of employees under the coverage, the amount of exposure, and the total number on payroll, regardless of their post location or job role. Extensive underwriting occurs to complete a quote and a policy of this type. Maritime Employers’ Liability insurance policies typically have a minimum premium of around $5,000.
How It Works
If an incident occurs on a non-owned vessel and an employee sustains an injury, they can make a claim against their employer’s Maritime Employers insurance policy. If the employee can not settle with the insurance company, the matter will be taken to court for the settlement to be determined by a trial. Having the correct coverage not only protects the employee but also protects the employer. Without the proper insurance coverage, the employer is unprotected from claims, and the employee could litigate against the employer directly.