The launch of a new marina services policy moves to resolve exposures arising from stand-alone general and marine policies.
Offering more comprehensive coverage for marina operators, shipbuilders and repairers, the ACE Marine Services Liability (MSL) insurance solution aims to straddle a range of service liability exposures.
Marina operators are often required to take out general liability as well as ship repairers liability, which can result in a gap of cover between the marine and non-marine activities.
The new product includes cover for contractors involved in maintenance activities, as well as those involved in marine vessel manufacturing.
The ACE MSL cover includes liability for third-party bodily injury, product and statutory liability, and liability for damage to property, including a vessel and vessel parts to full value.
Consequential loss and legal defence costs are also included, as well as coverage for testing and commissioning. There is no restriction in the length or value of the vessels being work on for repairs.
ACE Australia Head of Casualty says the new product will protect marina businesses from both general and marine risks.
“It is good news for ship repairers, vessel builders, slipway operators, berthing, fuel and storage providers and other companies that require liability protection for marine and land-based activities,” Kerr says.