by Guest » April 20, 2024, 10:49 pm
guest wrote: ↑April 19, 2024, 9:48 pm
No...but how many fires can you have before the insurance company days enough is enough. Can you fave an accident in your car once a week?
Okay, that is an interesting thought. Often times shipping companies can have multiple groundings in a season or even an unexpected event such as a structural failure of the unloading boom (as occurred to the Saginaw over a decade ago) and of course fires.
Insurance for shipping is not the same as an automobile. If you have multiple accidents in a year, then your insurance (in Canada, as an example), can decide not to renew your insurance when it comes up for renewal, in which case you have to find insurance coverage for risky drivers, and at much higher premiums and deductibles.
In the marine insurance industry, it's a lot more complicated. In regards to Great River Navigation and Lower Lakes Towing, the insurer will look at their overall risk. A lot of owners are in a Protection and Indemnity Club (P&I).
[quote=guest post_id=263500 time=1713581332]
No...but how many fires can you have before the insurance company days enough is enough. Can you fave an accident in your car once a week?
[/quote]
Okay, that is an interesting thought. Often times shipping companies can have multiple groundings in a season or even an unexpected event such as a structural failure of the unloading boom (as occurred to the Saginaw over a decade ago) and of course fires.
Insurance for shipping is not the same as an automobile. If you have multiple accidents in a year, then your insurance (in Canada, as an example), can decide not to renew your insurance when it comes up for renewal, in which case you have to find insurance coverage for risky drivers, and at much higher premiums and deductibles.
In the marine insurance industry, it's a lot more complicated. In regards to Great River Navigation and Lower Lakes Towing, the insurer will look at their overall risk. A lot of owners are in a Protection and Indemnity Club (P&I).