Why buy a Package Policy for Marine Insurance?

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December 7, 2020

Securing comprehensive coverage is a priority now more than ever, given the changing landscape of carriers and capacity. Maritime insurance requirements can be extensive often with legally mandated insurance needs, such as hull and crew liability, cargo, marine general liability, and excess liabilities as well as compliance with contractual obligations.  A package policy can encompass all marine coverages within a single insurance policy.  

Ascot Insurance Company is one of the few insurers to offer package policies with all primary marine coverages including the excess. 

“For several reasons, it makes sense to have one policy in place to address the coverage issues Marine clients face,” said Christopher Piazza, Executive Vice President at Ascot Insurance Company, one of the leading commercial maritime insurers in the U.S. “Notably, it’s more efficient for brokers to arrange a single policy, and it also makes it clear to operators who their insurer is. Further, we believe we can provide higher levels of service throughout the entire process, especially in the event of a claim, via a package policy.” 

How this relates to cost is always a critical question for any fiscally responsible commercial marine operator. While price points between package policies and the combined cost of multiple policies offering the same coverage seldom vary, there is little question when it comes to value added in convenience and insurer diversification. 

Ascot Insurance Company’s Marine Package Policy offers benefits to both smaller commercial marine businesses as well as larger organizations with global exposures such as marine terminal operators liability, charterer’s exposures, hull and machinery, protection and indemnity, marine general liability, excess liabilities and both domestic and international cargo. These businesses are often contractually required to carry increased insurance policy limits. Insurance brokers and agents benefit by knowing their customers can satisfy their contractual needs with one lead insurer. 

“We’re happy to support marine operators with a practical risk management solution that is a convenient option for brokers and a foundational element of the risk management program that clients are looking to establish.  We very much value the long term relationships that are derived from this approach to coverage,” Piazza added.      

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