Marine Contractor Insurance

Marine Contractor Insurance

Contractors Insurance is an award-winning commercial insurance brokerage based in Ontario. We provide specialized insurance bundles for many types of contractors and tradespeople—including marine contractor insurance.

If you’re a marine contractor, our personalized insurance can provide the protection you need to remain financially secure even amid unfortunate events.

We have provided end-to-end assistance—from negotiating premiums to filing claims—for numerous contractors throughout our years of service. Rest assured that your business is in good hands when you partner with Contractors Insurance!

What Is Marine Contractor Insurance?

Also known as dredging contractor insurance, marine contractor insurance is a specialized policy designed to protect contractors who work in the maritime industry. This includes pier and dock construction, vessel repair, dredging, as well as bridge maintenance and repair. This type of insurance also covers port builders and terminal workers.

The foundation of dredging insurance is commercial general liability insurance, but additional coverage such as the following may be recommended to cover your unique needs:

Commercial General Liability (CGL) Insurance

Dredging contractors often face risks beyond the shoreline while at work, sometimes involving third-party individuals and properties. When this happens, a lawsuit could be filed against you, or you could be ordered to pay hefty medical bills.

General liability insurance will protect your business from these legal, medical, repair, and replacement costs. It covers injuries to third-party individuals, third-party property damage, and advertising injuries.

Bumbershoot Insurance (Umbrella Insurance)

The Bumbershoot insurance policy is a term specifically used in the maritime industry—however, its function is the same as that of an umbrella insurance policy. This additional insurance policy takes effect if you face financial troubles or incidents that are not covered by your primary insurance policy.

This umbrella insurance policy can help you in cases:

• Your CGL is just enough to cover medical and legal costs (in case of third-party injuries) but you also need insurance for repairs and replacement
• When your CGL has maxed out but not covered the entirety of advertising or reputational injury
• Property damage above and beyond your commercial property insurance

Professional Liability Insurance

Marine contractors are expected to maintain complex structures, so there is a high risk of making an error. When one of these errors occurs, a lawsuit may be filed against you accusing you of negligence.

Professional liability insurance will help you cover the legal defence costs and settlement fees.

Commercial Property Insurance

You’ll need commercial property insurance if your business has an office or headquarters where you store important documents or any other valuables for marine construction projects.

This insurance policy will cover the costs and any insured peril under this policy, such as:

• Theft or vandalism
• Natural disasters

Tools and Equipment Insurance

Marine contractors use expensive tools and heavy equipment daily. Given the valuable nature of such equipment, you need tools and equipment insurance to protect against financial losses should these tools get misplaced, damaged, or stolen.

Additionally, tools and equipment insurance covers vandalism, theft, and damage to materials during transport to or from a construction site.

Who Can Benefit From Dredging Contractor Insurance?

This type of insurance benefits independent contractors and businesses involved in marine-related services. This includes those working in dredging, marina construction and repair, docks and pier construction, and ports.

Contractor insurance for marine workers will provide coverage for the following businesses:

• Environmental remediation dredging contractor
• Coastal protection dredging contractor
• Offshore trenching contractor
• Sand and gravel dredging
• Dredging for construction of lakes, dams, and reservoirs
• Dredging for pipelines
• Dredging superintendent
• Dredging engineer
• Dredging deckhand

Why Is It Important for Ontario Contractors to Have Marine Contractor Insurance?

After an unfortunate incident, you and your business may suffer hefty financial losses without insurance. Although commercial general liability can cover a broad range of liabilities, additional insurance policies can give you the peace of mind to run your business.

Marine Contractor Insurance Claims Examples

Leading Provider of Marine Contractor Insurance in Ontario

At Contractors Insurance, we are committed to providing clients with comprehensive insurance bundles and related services. Below are some of the benefits you can expect from our dedicated insurance brokers.

Personalized Insurance Plans

We offer insurance plans tailored to protect your business. You only pay for what you need; no unnecessary riders will drive up your bill—guaranteed.

Utmost Transparency on Coverage and Limitations

We know insurance jargon can be confusing and strive to be transparent. We’ll walk you through your insurance policy, including what triggers a claim and any exclusions.

Thorough and Straightforward Insurance Education

We’re here to be a constant source of information and provide expert insight on your insurance.

Frequently Asked Questions About Marine Contractor Insurance

Ready to Get the Coverage You Need?

As a top-rated commercial insurance brokerage firm in Ontario, Contractors Insurance is committed to providing high-quality customer service and personalized policies for individuals and companies in the trades. We specialize in putting together customized insurance plans that provide your business with maximum value and protection.

At Contractors Insurance, we understand that marine and dredging contractors are busy individuals who need quick and efficient insurance solutions. That’s why we offer a simple three-step insurance process that starts with you filling out a short form that tells us a bit more about your business needs. From there, we’ll contact you with a quick quote!

Take the first step to protecting your company today.