What is Marine Pollution Liability Insurance?
Marine pollution liability insurance provides coverage against the legal and cleanup costs arising from pollution incidents that occur during maritime operations.
This insurance is critical in mitigating the financial risks of accidental oil spills or discharges of fuels and other hazardous substances into marine environments.
Given the strict regulatory landscape governed by international agreements and local laws, this insurance ensures that companies can address potential oil pollution damage and other environmental impacts promptly and responsibly.
Who is Marine Vessel Pollution Coverage Designed for?
This policy is designed for a range of businesses/personnel involved in maritime activities, including:
- Both the vessel owner and operator
- Cargo handlers
- Marine contractors
- Ports
- Terminal operators
- Marinas
This coverage is important for businesses that are directly or indirectly engaged in activities that pose a risk to marine environments.
What does Marine Vessel Pollution Liability Insurance Cover?
Marine pollution liability insurance typically covers the following:
- Clean up costs
- Third-party claims for property damage and bodily injury
- Legal and defence costs
- Fines and penalties
- Emergency response costs
When Is Ocean Marine Pollution Liability Insurance Coverage Beneficial?
Marine pollution liability insurance provides comprehensive coverage in pollution incident scenarios such as:
- An oil tanker suffering hull damage during a storm, leading to a massive spill into the ocean
- During the transfer of hazardous chemicals from a container ship to storage tanks at a port facility, a hose rupturing, leaking toxic chemicals into the harbour
- An offshore oil platform suffering a blowout, resulting in a massive oil leak into the surrounding ocean waters
- An underwater oil pipeline near the coast rupturing, releasing crude oil into the ocean
- A marina discovers an underwater pipe has been leaking fuel for weeks
Align Your Business With Appropriate Marine Vessel Pollution Liability Coverage
Ensuring your business is adequately covered with marine pollution liability insurance is critical to sustainable operational practices in the maritime industry.
At ALIGNED Insurance, we understand the complexities of marine environmental risks and can help your business obtain appropriate insurance solutions that protect against accidental environmental damage.
Get a quote or contact us to get one step closer to protecting your operations while safeguarding marine environments.
