Talisman Casualty Insurance Company Offers Marine Program for Businesses with Assets on the Water
May 17, 2023 at 22:56
Carson City, Nevada -
Talisman Casualty Insurance Company, an insurance company based in Las Vegas, NV, that provides a type of reinsurance called protected cell captives, is offering the Marine Program. This is a cell captive designed primarily for fishing operations, marine contractors, and other business owners who own assets on the water and need insurance that is specifically designed for their business goals. The philosophy behind the Marine Program is to develop long-term relationships with maritime clients, fully understand their business and needs, and ensure that the coverage provided always matches their fluctuating risk exposure.
A spokesperson for Talisman says, “The selection of insureds is cultivated with caution and care and the selection of claims adjusters and other service providers is done with the focus on effective and efficient client service. This strategy has led to close working alliances with the management and employees of participating accounts. Program Risk selection starts with accounts familiar to the group, and then involves partnering only with the quality insured’s who have demonstrated sound management and safety practices.”
The Marine Program offers Maritime Employer’s Liability (MEL), which is a type of commercial marine insurance. MEL is an insurance policy that offers coverage for the insured’s employees while they are working on non-owned and operated marine vessels. Coverage can also be made available for employees working on owned vessels but are not working as captain or crew. Some of the usual operations included in the coverage are: drilling work, marine construction, scientific research and survey work, seismic survey work, national fisheries observers, and artisan contractors working onboard vessels while underway.
The Marine Program also provides Hull Insurance, which is insurance coverage to a covered ship or marine vessel This can include damage caused fire, storms, and other perils of the sea. They also offer Protection and Indemnity (P&I) coverage, which is a kind of liability insurance for virtually all kinds of maritime liability risks related to the ownership and operation of a vessel, other than that covered by a workers compensation policy. It is usually written in combination with hull coverage. P&I liability insurance may include third-party risks for damage to cargo while in transit, political risks, war, and environmental damage risks, including pollution and oil spills.
The Marine Program also offers Commercial General Liability policies for protecting business owners from liability claims for property damage, bodily injury, and personal and advertising injury (slander and false advertising). It is important to realize that Commercial General Liability insurance does not include marine work. That is why marine contractors are at risk if they do not have the appropriate insurance. Marine General Liability coverage is specifically for those who are working on or near the water, such as marina operators, ship repairers, stevedores, charterers, and terminal operators.
Marine insurance providers always need to be on the lookout for ways to reduce costs if they want to remain competitive. This is where the protected cell captive insurance business model comes in because it can offer the needed flexibility needed in readjusting the risk management methods and costs. Talisman Casualty also takes pride in its custom-tailored claims management that leverages advanced technology. A representative for Talisman Casualty explains, “The efficiencies that technology can bring to the claims process can be streamlined within the cell giving participants a high level of service. Also, the use of local adjusters who meet high ethical and competent criteria gives participants the best claims experience.”
Talisman Casualty Insurance Company, which is a protected cell captive insurance company based in Las Vegas, offers bonds and insurance policies that are duly authorized, regulated, and licensed under Nevada state laws. These policies and bonds are made available to principals who become participants in the cell captive by becoming a shareholder and by signing a participation agreement. One of the important advantages of Talisman over similar providers it that it employs advanced technology to offer tailor-fitted claims management.
Those who would like to know more about the Talisman Marine Program can check out the Talisman Insurance Company website or contact them by the telephone or through email.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117