Insurance Coverage Considerations for Marine SurveyorsMarch 16, 2022
Input from a marine surveyor can play an important role in planning develop projects, making improvements to coastal infrastructure, and addressing environmental concerns. Due to the logistical demands and complexities involved with providing these types of services, it is important that marine surveyors protect their operations with insurance.
The information that a marine surveyor gives to clients needs to be precise. If a client makes a significant expenditure acting in reliance on inaccurate findings, it could generate significant financial liability. A professional liability insurance policy can help to address this type of risk exposure.
If a surveying business uses vessels for commercial purposes, it is likely going to need a specialized insurance policy. Surveyors should assure that they have adequate coverage for any vessel that it uses for a business purpose.
In addition to insuring watercrafts, it may be advisable for marine surveyors to insure certain items of property are vital to their business. This type of policy can facilitate the repair and replacement of essential equipment if it becomes inoperable.
Ideally, business’ principals should seek out coverage from a carrier that has extensive experience insuring marine surveyors. An insurance company with an in-depth understanding of the risks that are unique to their line of work can offer competitive coverage as well as competent claim resolution.