Those shopping the market for an effective insurance solution for their marine assets might struggle to find something that fits the bill. Running costs for offshore work are already so high that the insurance costs can be crippling.
Captive cell insurance for maritime businesses is a fantastic way for your firm to navigate the prohibitive costs of insurance while still retaining the coverage that you need. Interested?
The Talisman Casualty Insurance Company LLC Marine Program was created specifically for this purpose. Rather than paying dividends towards an insurance firm with multiple specialties, you become a member of the Talisman corporate family.
As such, the premiums will be cheaper and the coverage robust, should something go wrong. This program is designed for those that have a good record and competent management, and who prefer to be lumped into a group of likeminded marine business owners.
What is The Talisman Casualty Marine Program?
This is a captive insurance program that allows members to lower insurance premiums in exchange for underwriting their assets. It is essentially an alternative finance method that provides you with insurance. The things that this particular program covers, include:
- Hull Insurance – protect yourself against damage to the hull of your vessel, with the aid of Talisman Casualty
- Commercial General Liability – It can be difficult to find liability insurance for marine operations due to the complexity of different types of wet liability types. Maritime Employers Liability/Commercial Marine Insurance – Which protects you from employees wishing to sue for damages
- And Protection and Indemnity coverage, which protects against everything missed by worker’s compensation or other insurance types
Of course, there are conditions of entry. You must be accepted into the Marine Program cell in order to qualify for the captive insurance benefits. We will cover the benefits in a moment – but we should look at the conditions of entry a little more closely.
Applicants are assessed on their risk management practices. If you are an offshore trawler owner who hires fifteen people to haul the fish for you, you are expected to provide all reasonable care for those staff members at sea. Complacency, or high-risk situations, will not work in an applicant’s favor.
The premiums in the Talisman Marine Program are able to stay so low only because of the good loss experience from the group of marine business owners who have been consolidated into the marine program.
For these reasons, you can expect a close relationship with your partners at Talisman, should you choose captive insurance as a solution to your marine insurance needs.
The Benefits of the Talisman Casualty Marine Program
Just so we are being clear, here are some of the best benefits of joining this program:
- Access to effective, efficient insurance services
- Low premiums, saving your Marine business money
- Compliance with insurance laws in your state
- Insurance coverage that matches fluctuating exposure in your business
- A program tailored to meet your needs at a very competitive cost so long as you meet the criteria for admission into the captive
Captive Insurance Could Be The Answer
So if you are looking for some of the best ways to ensure your vessel, offshore property, or marine commercial concerns, then Talisman Casualty could be the answer. Visit them today to find out.