Maritime Construction and Marine Insurance

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Since Hurricane Sally hit the panhandle of Florida, it has been reported that over 22 construction barges working in Pensacola Bay were lost, sunk, destroyed or washed ashore in the surrounding bay area.

The resulting damage to the construction site and associated property, pollution issues and salvage cost along with third-party losses will test the limits and structure of those associated marine risk transfer insurance programs. With the unprecedented number of hurricanes impacting the US during the turbulent 2020 hurricane season and the resulting losses, the need for correct and proper risk transfer mechanisms in the maritime construction arena is clear.

Therefore it is important for any company with a marine exposure review their coverages structure and limits of excess insurance.

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