Operating a business that is responsible for shipping products across large bodies of water, you absolutely need to think about the regulations dictating your industry. After a series of manmade disasters caused oil and other chemicals to spill into major waterways, the Water Quality Improvement Act of 1970 was passed. If your business deals with seaworthy vessels, you absolutely need to take specific precautions when it comes to taking out appropriate insurance for your company.
Comply With Regulations
The main point to understand about vessel pollution insurance is that is meant to help you comply with the regulations of your industry. Since your vessel is liable in the event that certain hazardous materials are discharged into the water, you absolutely need to consider areas like your Certificate of Financial Responsibility. Taking out this form of proof is essential if you are going to protect your business and your assets from the risks that can come along during transportation. Additional areas to consider when selecting a policy can include:
- Workers’ comp for offshore employees
- Coverage for incidents with third-party vessels
- E&O coverage
Take Time To Understand the Details
By having a full understanding of the regulations of your industry, you will have an easier time selecting insurance that reflects your needs. Dig more into the details of vessel pollution coverage and see what steps you need to take to stay protected.