This episode of the Ask Tim podcast shows our insurance geek struggling to stay warm while he talks about something that's no laughing matter -- the capsizing of the cruise ship Costa Concordia off the coast of Italy earlier this month. While very few of us will handle the insurance program for a multi-million dollar ocean liner, some main street agents might be asked to place coverage for the types of commercial watercraft found in Long Island Sound, the Hudson River, or the Great Lakes. In this episode, I discuss exposures to:
- Bodily injury, property damage and pollution liability
- Physical damage to the craft itself
I then look at the types of insurance needed for watercraft, including:
- Protection and indemnity coverage, which, unlike other forms of liability insurance, might not obligate the insurance company to provide the insured with defense
- Hull insurance
Other items noted in this episode:
- Look for more information about watercraft coverage in the Technical Guidance and Research section of the IIABNY Web site soon
- It gets cold in the Geek Cave in January
- J.B. survived the trauma of episode #28 and an amicable legal settlement has been reached
Download Ask Tim Episode #29- Watercraft Insurance
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Source: http://insurancegeek.typepad.com/ask_tim/2012/01/ask-tim-29.html
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