MARINE COVERAGE
At BoMont Group, we understand the unique exposures in the marine industry. We take the time to understand your operations and know how to communicate our creative strategies to clients and insurers. This allows us to drive premium savings and eliminate unwanted coverage gaps.
Marine coverage brings a particular set of challenges when it comes to asset protection, but with a range of products and customizable services, our team brings a fully comprehensive plan that is every bit as unique as your business. We seek to protect the cargo, as well as the vessel, whether at land, sky, or sea. Partnering with BoMont Group means having a team to advocate on your behalf, so you can get back to running your business as you see fit.
Areas of Expertise
CASE STUDY
ELIMINATED COVERAGE GAP: $5,000,000
A client of BoMont commercial lines also owned a yacht and was preparing to renew their dock lease at a major marina in Florida. The client’s previous agent, a large and well-known yacht insurance broker, provided them with a certificate of insurance that lacked certain coverages required by the lease.
The client requested that the contract be reviewed and compared to his insurance coverage by BoMont Group's in-house attorney. BoMont discovered that if the yacht owner signed the contract, they would be required to cover uninsured losses of up to $5 million. When the yacht owner questioned why the previous broker provided a certificate knowing the policy lacked the necessary coverage, the previous broker stated that it was not their job to read leases.
In less than two weeks, BoMont Group's Marine Practice Group obtained the necessary coverage from a different insurance carrier, allowing the owner to renew their lease without incurring this substantial uninsured risk.
BoMont helped this client make the best decision in line with the client’s risk management strategy by focusing holistically on their full risk profile rather than quickly processing an inaccurate certificate request. This eliminated the potential for the client to pay a multi-million dollar loss out of pocket.
SERVICES
