From spilled cargoes to piracy to collisions with other vessels or installations, tug and barge operators have to navigate a number of risks that are as old as the invention of the boat, which is why marine insurance is one of the oldest types of insurance. Whether you provide logistics, freight, towing or marine support services, don’t let an accident or lawsuit maroon your tug and barge operations.
Tug and Barge Insurance Coverages
Notch tugging, integrated tug and barge or articulated tug and barge, however you deliver your marine and freight services, the risks are similar and costly. Our tug and barge insurance coverages can protect you in case of collisions, damage caused by bad weather, theft and litigation.
What are the Types of Tug and Barge Insurance You Should Consider?
P&I insurance is a versatile and vital coverage for tug and barge operations that can cover medical expenses, property damage and legal expenses like lawyer’s fees and awards for damages if, for example, your tug and barge separate and the barge collides with docked watercraft or the dock itself and major damage and/or bodily injury or death results.
For other collisions in the waters between your tug and barge and other vessels. Hull & Machinery insurance provides coverage for the costs to repair damage and remove wreckage from the water, while also covering you for potential legal liability.
Protection of barge shipments for tug and barge operators that provide freight services.
Can cover cleanup costs and litigation costs in case of spillage or accident that results in pollutants being released into the environment.
This is another vital coverage and can cover both on-land and in-water assets owned by your tug and barge company. From fires to windstorms to theft, any number of perils could cause severe and expensive damage to your property and bottom line.
What does business interruption insurance cover?
If your tugboat and barge operations are temporarily halted due to a covered peril, Business Interruption insurance can cover your expenses until your vessels are back in the water.
For some tugboat and barge operators, closing down temporarily is not an option. Extra expense insurance can cover the costs to set up a temporary workspace after an insured peril.
CGL insurance covers your landside operations for lawsuits alleging personal injury, property damage, false advertising and libel or slander.
What coverage does CGL policy include in case of a lawsuit?
Like our other liability policies, your CGL policy can provide you with coverage to defend a lawsuit including:
- Lawyer’s fees
- Defence costs
- Out-of-court settlements
- Awards for damages
Our tug and barge insurance coverages are customizable and our advocates ALIGN you with the exact amount of protection you need.
Don’t let your tug and barge company get pulled under by insurance that doesn’t respond when you need it.
At ALIGNED, commercial insurance is all we do. When you choose ALIGNED, you get an advocate working with Canada’s top insurance companies to get you comprehensive tug and barge insurance that covers your risks and fits your budget.