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Marine Insurance

Horner Blakey Can Arrange Marine Insurance For A Range of Needs

Whether you own a private boat or transport goods by sea, marine insurance can give you peace of mind that your boat and goods are protected. Things can go wrong at sea, and without any cover in place you could be faced with financial losses and repair bills that may have been avoidable.

Horner Blakey

Insurance Brokers

What is marine insurance?

Arrange for marine insurance today with our team of insurance brokers in London. Our second location in Billericay allows you to be supported by our local insurance brokers in Essex.

Marine insurance offers a variety of cover for the movement of goods around the world by sea. While it may sound similar, it offers far more cover than goods in transit insurance as it factors in several specific risks such as warehousing, domestic transits, exhibitions and intercompany transits. It’s a must-have policy for companies involved with the transportation of goods, offering high level financial protection for critical assets.

Horner Blakey can also provide marine insurance for vessels that do not transport goods, such as yachts, motorboats, dinghies and pleasure craft for individuals and for yacht clubs.

Ship loaded with shipping containers travelling via sea

Do I need marine insurance?

Shipping corporations, cargo operators and ship owners should seriously consider taking out marine insurance. Given the amount of cargo you transport and how much it costs to maintain containers and other assets, it makes sense to have some financial protection in place.

For example, cargo damage can easily occur when being moved during the shipping process. While port staff are skilled and experienced, accidents can happen (and often do) which can affect the storage carton and even the goods inside.

According to The World Shipping Council, there was a 400% [GS1] increase in lost containers in 2020-21, with 3,133 reported as missing. While it’s a small amount compared to the total number transported on the sea every year, even losing one container can lead to a significant loss.

There are other things to consider such as piracy, General Average and catastrophic events, so the chances of being involved in one of these situations poses a real risk to your business. Horner Blakey can discuss your options at length and connect you with the right insurer provider who can offer the cover you need.

Before proceeding with any insurance agreement, always read the full details of your individual policy as terms and conditions will apply.

What does marine insurance cover?

In general terms, marine insurance covers:

  • Damage that is caused to your vessel because of a collision with another vessel, whether above-water or submerged
  • Cargo and goods being transported on the vessel, should they be damaged or lost
  • Property on-board a vessel if it becomes damaged as well as injuries caused to people, due to events such as floods, storms, fires and natural hazards.

Marine insurance can also provide cover for retrieval services such as towing, assistance and fuel delivery if left stranded on the vessel.

How does marine insurance work?

When you take out a marine insurance policy, the liability is transferred from your business to the insurance company. Having the right level of financial cover helps to protect your cargo and vessel against any potential losses and damages that can occur while they are being transported at sea.

Many export contracts require exporters to have marine insurance in place, so from a practical perspective it makes business sense. Whether it’s the first time you are taking out marine insurance or if you are looking to change or upgrade an existing policy, Horner Blakey will make the process as easy and straightforward as possible.

How can I get marine insurance?

Horner Blakey have a team of specialist advisers ready to help you get the right protection in place for your business.  

We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact Nick Horner & Jason Ellis by calling: 020 7929 0108.