Boston-based property and casualty insurer Liberty International Underwriters (LIU) has introduced a new policy to cover marine liability and property related risks for small and mid-size marine businesses owners and operators.
Dubbed LIU Marine Business Owners Policy (BOP), the new policy provides competitive policy forms that enables easy access to an array of of optional coverages, including general liability, a key exposure for smaller-size businesses.
Coverage includes marine general liability, hull and protection & indemnity, marine excess liability, and mobile equipment/tools, whereas classes eligible for coverage are ship repairer/ship builder, marina operator, marine construction, marine artisan, marine contractors, consultant/inspections, and scientific/research/educational.
LIU marine senior vice president Don Harrell said small business owners face similar marine liability and property risks as larger companies and thus requires the same protections, and a comprehensive policy encompassing multiple coverages.
”We created LIU Marine BOP to meet this need in the market and to make it easier for small businesses to have access to a financially strong insurer with impeccable service standards,” Harrell added.
The policy offers a broad spectrum of insurance products that include Ocean and Project Cargo, Marine Liabilities, as well as Marine Builder’s Risk and Hull and Machinery and Yachts.