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If Marine insurance appears to be an appropriate solution to your risk management problem, HUB's Marine experts will work with your business to design, negotiate, and place a tailored and cost-effective program.
Our Marine insurance specialists are thoroughly familiar with the full range of Ocean and Inland coverages available and have strong relationships with the domestic and international insurance markets that underwrite them. They also have expertise in Legal Liability and Cargo coverages.
Whether Marine insurance is a central or minor element of your risk management program, HUB’s Marine insurance professionals will put their comprehensive product knowledge, design creativity, and negotiating clout to work on your behalf.
Contact a HUB Specialist today.
Without the right commercial property coverage, you may not be able to restore your business to its original state or receive adequate reimbursement in the event of earthquake or hurricane damage.
A Commercial Automobile Policy combined with a Fleet Management and Maintenance Program can make a big difference in expenses. We have experts to assist in developing a fleet program.
Environmental risk plays an increasing role in our clients’ ability to achieve their financial objectives. Our Environmental Risk experts unravel the complexities of pollution risk by presenting all options available so you can make informed decisions.
Boiler & Machinery insures against the sudden and accidental breakdown of boilers, machinery, and electrical equipment.
Find answers to all of your insurance questions by asking one of our advisors. We'll answer your questions and help you shop for, compare, buy, and manage your insurance program.
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Prince Edward Island
Please check the box below if you would like us to post your question to the FAQ section. Yes
Agreed Value is the fair market value of your vessel as agreed upon by you and the insurer when your policy is first put in place. In the event of a Total Loss of your vessel, this is the amount that will be paid by your insurer without deduction for depreciation. Actual Cash Value, or ACV, is the Replacement Cost of your vessel or equipment less depreciation, as determined by the insurer at the time of loss.
The hull value includes the actual value of your boat and motor including other equipment as is generally required aboard for the safe operation and maintenance of the vessel. It does not include your trailer or personal articles.
Surveys help to protect your investment by identifying existing and potential safety and maintenance problems. An independent surveyor will not only point out trouble spots but will also suggest solutions. Insurers often require surveys to prove the value and condition of vessels.
Some policies automatically cover tenders under the hull coverage section. Others require these items to be separately identified, often with a reduced deductible.
Protection & Indemnity is the third-party liability section of your policy. This protects you if you are sued for property damage or bodily injury (to someone other than yourself) arising out of the negligent operation of your vessel.
Most insurers allow you to add physical damage coverage for your trailer to your boat policy. However, the liability coverage must be purchased separately.
The Trading Warranty or Navigational Area, defined in your policy, identifies the area that you must stay within for your coverage to remain in effect. If you plan on operating your vessel outside this area, written permission must be obtained from your insurer in order to maintain coverage.
For an additional premium many insurers will agree to endorse your policy to allow for a limited number of charters. If you plan on chartering your vessel on a more regular or full-time basis, you may need to replace your existing policy with one that covers commercial charters.