When considering which insurance options to pursue the needs of your business, it can be important to look beyond what is required by law. Maritime employers liability endorsement is not required by federal or state standards, but many business owners find it to be a crucial bit of protection against the unknown.
To know whether or not this is a good fit for your needs, it can help to first have a general understanding of the basics. Essentially, this type of insurance covers workers who are on vessels owned by people or entities other than your business. As seen on the Merrimac website, this type of insurance covers a few key areas including:
Loss of life
Illness contracted while on the vessel
Injuries sustained on vessel
Multiple Boats at Once
This type of coverage can be a huge help to those who have many employees working across a number of boats at the same time. No matter which vessel your crew might be tending to, this type of insurance helps to protect them from any unforeseen disasters that might occur.
Taking out the right policy can make a huge difference to your business. You need to make sure that you and your employees are always protected. Explore how this unique type of liability coverage can help your business and see how you can make positive changes right away.
Every lawyer, doctor and nurse knows a little something about professional liability tail coverage. But no one knows everything about this smart policy that protects professionals from potential lawsuits even after their original liability coverage expires. Here are X things everyone should know.
Is It Really Called Tail Insurance?
Many medical and legal professionals may not recognize tail insurance by its technical name, so if you encounter an Extended Reporting Period policy, know that you’re talking about tail coverage. Though it is often called an insurance product or policy, it is actually an endorsement tacked on to the end of a malpractice policy, hence the nickname. An endorsement is an addition to an existing insurance contract.
How Long Does Tail Coverage Last?
The length of protection provided by tail coverage can vary. Typical endorsement lengths are two, three, five and 10 years. It is possible to get perpetual coverage, as well, protecting a policyholder indefinitely.
How Much Does Tail Coverage Cost?
Tail coverage can be expensive. Typical costs range from 150 percent to 300 percent of the underlying premium. Each insurance company determines rates differently, so to get the best idea of what it could cost, consult with the malpractice insurance company. Note that many standard malpractice insurance policies include a free tail for disability, death and retirement.