Marine Insurance
Marine Insurance in Memphis, TN
Barges, towboats, and cargo move past downtown Memphis on the Mississippi every day. Each one carries risks that a standard auto or property policy was never written to handle. Marine insurance in Memphis covers the vessel, the goods on board, and the liability of working on the water. Jones Enterprises Insurance Brokers helps vessel owners, shippers, and marine businesses put the right protection in place.
What Does Marine Insurance Cover?
Marine insurance covers vessels, the goods they carry, and the liability that comes with operating on the water. Most policies are built from three main parts: physical damage to the vessel, liability to others, and cargo in transit. Commercial operators usually need all three. Shippers who don't own a vessel need only cargo coverage. For personal boats and jet skis used for fun, our recreational vehicle insurance page covers that side.
Types of Marine Coverage
Marine policies are assembled from separate coverages. Here's what each one does.
Hull and Machinery
Hull coverage pays for physical damage to the vessel, including its engines and equipment. Collisions, groundings, fire, and storm damage are typical covered losses. Most commercial hulls are insured at an agreed value set when the policy starts.
Protection and Indemnity
Protection and indemnity, often called P&I, is the liability side of marine insurance. It covers crew injuries, damage your vessel causes to docks or other boats, wreck removal, and pollution cleanup. For a working vessel, P&I is often the most important coverage you carry.
Marine Cargo Insurance
Cargo insurance protects goods shipped by water, whether by barge, container ship, or ocean freighter. Many cargo policies follow the goods from the shipper's warehouse to the buyer's door, covering the land legs too. You can insure a single shipment or set up an open policy that covers every shipment for the year.
Marine Operators and Terminal Liability
Marinas, boat repair yards, and terminal operators hold other people's vessels and cargo. This coverage pays when property in your care is damaged, and it covers injuries to visitors on your docks.
Yacht Insurance
Larger pleasure boats and yachts often need more than a standard boat policy offers. Yacht coverage typically includes agreed value on the hull, higher liability limits, and coverage for personal effects on board.
Arranging Marine Coverage
Marine insurance is a specialty market, and terms vary widely between insurers on deductibles, navigation limits, and crew coverage. We gather terms from multiple marine insurers and explain how each one would respond to the losses you're most likely to face.
Marine and inland marine insurance are easy to confuse. Marine cargo coverage handles goods moving by water. Inland marine handles tools, equipment, and goods moving over land. Many shippers need both. You'll find our other personal and business policies on the Jones Enterprises Insurance Brokers home page.
Marine Insurance for Memphis River Businesses
The Port of Memphis handles barge traffic along both banks of the river. Shippers, towing companies, and marine services in Memphis, West Memphis, Marion, and Horn Lake all work within reach of it. The agency also serves Nashville and Dallas, and offers business coverage nationwide.
Questions From Vessel Owners and Shippers
Who should insure the cargo, the buyer or the seller?
The sales terms decide. Under FOB terms, the buyer takes on the risk once the goods are loaded aboard. Under CIF terms, the seller must buy cargo insurance for the buyer's benefit.
How is the insured value of cargo set?
A common method is invoice value plus freight, plus 10 percent. The extra 10 percent covers costs like duties and the expense of replacing goods on short notice.
What is general average?
General average is a maritime rule that spreads the cost of saving a voyage across everyone with property on board. If cargo is thrown overboard to save a ship, every cargo owner pays a share. Cargo insurance pays your share.
Do crew injuries fall under workers' compensation?
Usually not. Seamen can bring injury claims against their employer under the Jones Act, which P&I or maritime employer's liability covers. Dock and terminal workers fall under the federal Longshore and Harbor Workers' Compensation Act instead.
Does a yacht policy limit where I can go?
Yes. Each policy sets navigation limits, such as inland waters only or a coastal range. Many also include a lay-up period, months when the boat is out of the water, which lowers the premium.
Get Your Vessel or Cargo Quoted
Send us the vessel details or a summary of your typical shipments. One of our friendly agents will compare marine options and build a quote around how you operate.