ACE has announced the launch of a new insurance solution aimed at the specific needs of marina operators, shipbuilders and repairers.
The ACE Marine Services Liability (MSL) aims to reduce the gaps in insurance coverage for these specific businesses as they are often covered by two separate policies: general liability and ship repairers liability.
With two separate policies, coverage gaps can emerge and ACE believes the MSL policy will help those specific businesses bridge the gap in their insurance needs and “provide businesses with robust protection from a range of standard liability exposures,” a statement from the company said.
Stuart Kerr, head of casualty for ACE in Australia, said that the new policy is good news for those involved in marine businesses.
“MSL is one simple and affordable policy that will protect businesses from general liability and marine liability exposures,” Kerr said.
“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.”
The policy includes coverage for liability for third-party bodily injuries, products liability, statutory liability and consequential loss and legal defense costs amongst others.
MSL policy holders will also be given access to ACE Marine and General Liability Risk Engineering services, the company confirmed, which will allow policyholders to use both local and global risk engineers to help ensure risk management is implemented across the business.