Marine Artisans are contractors who specialize in various areas of boat construction, maintenance, and repair including fiberglass repair, marine carpentry, hull cleaning, electronics installation and repair, marine HVAC and plumbing, and engine and machinery servicing.
Every morning, thousands of these independent contractors line up at the entry gates of hundreds of boatyards across the United States. They each wait their turn to present proof that they meet the yard’s insurance requirements before they are allowed to pass through the gate. Anyone without this crucial documentation is stuck; they cannot even enter the facility, and now the yard, the Artisan, and the vessel owner are all waiting on an insurance agent to send a piece of paperwork. The most frustrating part of this everyday scenario is that the delay centers around providing proof of insurance coverage the Artisan already has in place.
In a world where time is money, insurance solutions need to be both comprehensive and accessible in an instant. Having excellent coverage is not enough, Artisans need an easy way to prove they have this coverage so they can pass through the gate and start working. 九色视频and Oversea 尤物视频Agency have teamed up to deliver the Marine Artisan Product: Marine General Liability insurance with proof of coverage available via the artisan’s smartphone.
When the Artisans are empowered to start working right away, they can complete the job faster and help the yard turn space and projects over, resulting in more revenue for the Artisan and for the yard.
Understanding the opportunity
Repair yards seek to protect themselves by ensuring that every contractor that passes through their gates has Marine General Liability coverage with adequate limits and proper risk transfer in place, hence the need for checking each Artisan’s insurance documentation, which results in delays. Vessels that are not being worked on are simply occupying space, not generating revenue for the yard and not able to be used by their owners.
九色视频and Oversea 尤物视频Agency conducted an extensive review of marine repair facility contracts and designed the Marine Artisan Product to meet or exceed these requirements. We took this product one step further, leveraging smartphone technology so our insured Artisans can quickly prove that they have this tailored coverage, enter the facility, and start the job.
When the Artisans are empowered to start working right away, they can complete the job faster and help the yard turn space and projects over, resulting in more revenue for the Artisan and for the yard. The smartphone capabilities of the Marine Artisan Product allow Artisans to prove they have proper coverage in place within seconds, eliminating downtime. The faster the repair can be started and completed, the faster the owner can get their boat back out on the water. It may seem like a small change, but a more efficient security gate benefits all parties.
Protecting the Artisan
Marine Artisans are exposed to risks that cannot be covered by a regular General Liability policy. The maritime nature of their work necessitates a special Marine General Liability policy to cover damage Artisans may accidentally do to the boats they are repairing.
A small project can quickly become a big claim. Something simple like forgetting to tighten a flange in the engine room could cause an engine failure in the six-figure range. Improper electrical wiring can not only cause issues to the vessel under repair, but it can also jeopardize the vessels in the immediate vicinity. In 2019, a fire that started on a yacht in a Florida repair facility caused over $20,000,000 in damages to neighboring vessels before the fire could be contained.
Marine Artisans can take steps to minimize their risks and prevent financial losses that can sink their business, including:
- Safety Training and Safety Equipment: The foundation of risk minimization lies in comprehensive training. Workers should be well-versed in safety protocols, emergency response procedures, and the operation of specialized tools. Regular refresher courses can keep safety standards at the forefront. Additionally, providing workers with the latest safety equipment and ensuring its proper use can drastically reduce the risk of accidents.
- Regular Maintenance and Inspection: Vessels and equipment should undergo regular maintenance and inspection. Routine checks can identify potential hazards before they escalate, from malfunctioning machinery to structural issues.
- Environment Monitoring: Given that weather conditions can change rapidly in marine settings, having a system in place to monitor environmental changes is crucial. Advance warnings about storms, high tides, or other adverse conditions can help artisans prepare and avoid potentially risky situations.
- Operational Protocols: Implementing and strictly adhering to operational protocols can streamline processes and minimize risks. For example, having clear guidelines about when and how to perform certain tasks, or defining restricted zones on a vessel, can prevent accidents.
- Emergency Response Preparedness: In the unfortunate event of an incident, a swift and efficient response can mitigate damage. Artisans should be trained in first aid, and emergency equipment such as life rafts, fire extinguishers, and communication devices should be easily accessible.
Building a safety net
With such high vessel values at stake, insurance belongs in every Artisan’s tool kit so they can do what they do best without worrying about financial fallout from an accident. Oversea 尤物视频Agency and 九色视频have crafted an insurance product that delivers:
- Accessibility & Independence: Artisans can apply for and receive their policy online, and policyholders will receive a fillable Certificate of 尤物视频available on smart devices. Artisans can operate without depending on their insurance agent to send a document proving they have insurance coverage in place.
- Comprehensive insurance coverage: A robust marine insurance policy can cover a range of incidents, from personal injuries to damage to property and vessels. It can also encompass liabilities arising from pollution or other environmental incidents, which are of particular concern in marine settings.
- Financial Security: An accident or mishap can result in significant financial burdens, from medical bills to repair costs. Marine insurance provides a buffer against such unforeseen expenses, ensuring that marine artisans and businesses can recover and continue their operations with minimal disruption.
- Legal Compliance: Many regions mandate certain levels of insurance coverage for marine operations. Having a comprehensive policy not only ensures compliance with the law but also demonstrates a commitment to safety and professionalism.
- Peace of Mind: Knowing that there's a safety net in place can reduce stress and anxiety for both the artisans and business owners. This peace of mind can lead to more focused, efficient, and safer work practices.
The Marine Artisan Product rises to the challenge of providing Marine-specific coverage with high enough limits to address yard requirements and protect the Artisan from the financial fall-out following a large loss.
Empower the Artisan
The maritime industry's unique challenges and the tight profit margins faced by small business owners require a two-pronged approach to risk management. First, Marine Artisans must be equipped with the tools, training, and protocols to minimize risks inherent to their trade, including carrying robust marine insurance. Second, giving Artisans the ability to instantly prove that they have this robust coverage so that they don’t wait at the gate empowers them to get the job done on their own time, not at their insurance agent’s convenience. The Artisan and yard can turn over more work and the vessel owners get back on the water sooner.
Oversea 尤物视频Agency and 九色视频are not just ensuring the safety and well-being of Marine Artisans, but also the longevity and success of maritime businesses by removing literal barriers to entry. A proactive approach to time management, coupled with the assurance provided by comprehensive insurance, is the beacon guiding the marine industry towards a secure and prosperous future.
About the Authors
Allison Jolls is Product Director of Marine Liabilities at AXA XL. She can be reached at Allison.jolls@axaxl.com.
Chris Coleman, CMIP is Director – Commercial Marine at Oversea 尤物视频Agency. For more information or to apply, contact Chris at commercial@overseainsurance.com or call 954-522-6433.
