Marine Insurance Toronto

Marine insurance is a crucial part of many business insurance policies that offers protection from misadventures at sea.

The Canadian Marine sector provides over $2 billion to the GDP and employs over 20,000 full time employees. The Port of Vancouver is North America’s most diverse cargo shipping port, enabling trade with over 170 countries worldwide and moving some $200 billion in imports and exports every year. Cargo and transport ships are some of the most expensive pieces of equipment in the world, with large ships costing well over $100 million. With sea travel becoming more turbulent due to climate change, the chances of a catastrophic accident while at sea have never been higher.

Marine insurance is essential in protecting your shipping company from significant debt should an accident occur.

What is Marine Insurance?

Marine Insurance is a form of insurance that protects ship owners, cargo companies, cruise companies, and any business that takes place on the sea.

Marine insurance is actually one of the oldest forms of insurance, with the earliest examples dating back to ancient Greece and Rome. It was originally used to protect against pirates and inclement weather, as ships traversed through the Mediterranean trading goods with neighbouring countries.

Modern marine insurance has become an integral part of any shipping or cruise company’s insurance policy. This kind of insurance helps to protect against certain disasters at sea, such as loss of vessel, hijacking, lost cargo, damage to ship and environmental pollution.

With an accident at sea potentially costing hundreds of millions of dollars, marine insurance provides significant peace of mind knowing your business would be able to weather whatever storm comes to pass.

Cargo ship with marine insurance in toronto

Why is Marine Insurance so Important?

Toronto Marine insurance is considered an essential part of business operations for any company that conducts its business on the sea. Without marine insurance, a company would be potentially liable for hundreds of millions – if not billions – in lost revenue, goods, damage to third party property, or environmental clean up. There are not many companies in the world that could survive an uninsured disaster at sea, and marine insurance ensures they don’t have to.

What Does Marine Insurance Cover?

Marine insurance in Toronto covers a range of different scenarios that could potentially arise while at sea. These can include:

  • Hull Insurance: This covers any seafaring vessel from any damage that occurs to the ship itself during transit or while docked at port. This can include any machinery or equipment used during operation of the ship. All vessels can benefit from Hull Insurance, and even some stationary structures like oil rigs or other permanent offshore fixture.
  • Cargo Coverage: Most activity that happens on the sea involves shipping cargo from one location to the other. Cargo coverage ensures that the goods are insured in the event of theft, damage, or loss during transit. This is especially important for business that deal with high value or high volume cargo that would be extremely expensive to replace.
  • Liability Coverage: Ship owners and cargo companies need to be covered against a range of third party liabilities that can arise during day to day operations. Liability coverage protects against expenses related to salvage and rescue, damage to third party property, injury or loss of life whilst at sea, and expenses related to quarantine.

Specific scenarios or liability coverage that falls outside of a standard marine insurance policy can be readily negotiated and included into your insurance. As a leading commercial insurance broker in Toronto, KASE Insurance is highly experienced in securing the protection you need for a price you’ll love.

Who Needs Marine Insurance?

Marine insurance is a basic requirement for any business that utilizes over water shipping during their normal business operations. This includes shipping companies, oil companies, cruise liners, and private ship owners.

With ports all over the world becoming increasingly busy and international shipping routes experiencing greater demand than ever, collisions with other ships and with land based structures is climbing even higher. Marine insurance can protect you from having to face the severe financial fallout from any of these catastrophes.

Private vessel owners should also strongly consider Toronto marine insurance. Anything from a yacht to a tugboat and everything in between can be covered by marine insurance, and provides you with an extra layer of protection should the worst come to pass.

Why go with KASE Insurance?

With such an important industry like shipping, there is little room for error or risk exposure for many business owners. Not only do their own livelihoods rest on their ships and cargo, but those of their employees and partners as well. When you are looking to protect yourself from any sea based accidents, you need a highly experienced commercial insurance broker like KASE Insurance.

The experts at KASE Insurance have been working with clients in every industry to help protect them from every eventuality. We take pride in getting to know your business and the particular risks you face, and then crafting the perfect marine insurance policy to give you peace of mind.

We negotiate to secure you extensive coverage on a range of different policy items at the most competitive price available.

For the most comprehensive Marine insurance Toronto has to offer, contact KASE Insurance today and speak with an insurance expert.