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If you own a marine business, then you could find yourself with hefty insurance premiums. Whether you own a single boat or a whole fleet, you may find yourself paying over the odds for being out at sea often.
There is a marine employers’ liability by Talisman Casualty program that can help. This is a cell captive insurance program that lets you own part of a company that insures you. This way, everyone saves on premiums and money is passed between associates that usually know each other fairly well. The whole process puts a personable spin on a sector of the marine market, long since saturated in high prices by the big brand insurers.
The 5 Best Reasons for a Marine Business Owner to go Captive
Some of the best reasons to get involved with cell captive insurance for your marine business are as follows…
1 – Cheaper Premiums
The first and foremost reason that anyone wants to indulge in cell captive insurance over a regular market insurer, is the price. The way captive insurance works, you have direct access to the same market of deals that regular insurers get… but you get it without their added mark-up. This results in cheaper premiums for all members of the cell.
2 – Coverage can be Tailored
With many market leaders in insurance for marine businesses, you will find that you need to buy as a package. So you might only need liability insurance, but they also make you take out damages as well as a separate health insurance policy just to get the one package that you need. With captive, you can pick and choose the parts of insurance plans that you need and discard what you don’t.
3 – Claim Control
The whole process of handling claims is made simpler, more personal, and faster, when you cut out that middleman. You will know the people who will be handling your claims personally, and you will be able to call them for check-ins. You will have a lot more involvement in the handling of any lawsuits brought against you than you would have with a standard insurer.
4 – Losses can be Funded
You are essentially using income you would invest in your future to offset any losses you might incur. Since the chances of accidents are generally slim, this can free up cash flow for other important aspects of your career. You are given incentive to reduce losses when you operate this way, motivating any staff in the process.
5 – You get More for your Money
With what you save on premiums by buying directly from the reinsurance market, you are able to get a whole lot more for your money. Premiums can be tailored and specialized. This amounts to greater flexibility for all involved and a secure knowledge that you can take out premiums you would normally avoid due to the added cost.
Captive Insurance Saves Marine Businesses Money
The upshot of all of this is that cell captive insurance could save you and your marine business money. Greater savings mean greater profits, and that’s what everyone wants. Consider captive insurance and visit our pages for more information. The path to marine business success could be just a few clicks away.