Insurance is a Complicated Matter: Understand Your Risk, Your Coverage, the Claims Process, and the State of the Industry

Insurance is a Complicated Matter: Understand Your Risk, Your Coverage, the Claims Process, and the State of the Industry
Today’s insurance landscape has become more complicated than ever given the state of the industry.  Fully understanding your potential exposure areas, your coverages, and best practices for record-keeping and claim filings are critical to minimizing your risk and ensuring gap-free coverage. Join top insurance experts in this interactive session to get all the important insurance information necessary to protect your assets and receive updates about the overall state of the insurance industry. This session will conclude with a Q&A follow-up that includes the workshop speakers and an insurance-focused attorney, Chip Birthisel, Hamilton, Miller & Birthisel LLP.
Environmental Exposures Marinas Present and Solutions Available, John Wasilchuk, Midwest/Great Lakes Region Director-Environmental, Gallagher
With increasing frequency of severe weather, more litigation related to environmental matters, evolving regulations, and increased enforcement actions, claims for environmental impacts from marina operations are on the rise. Learn about the potential impacts marinas can have on the environment and the insurance policies available to help pay for claims.  
Is your Marine Facility Properly Insured?, Lori Sousa, Sealand Insurance
When was the last time you sat down with your insurance agent and had an actual conversation about your insurance program? Do you have multiple insurance agents? Do you understand what you purchased and exactly what is covered?
You own or operate a marine facility and therefore the insurance you need is totally different than someone who runs a land-side operation. Working adjacent and over the water creates some unique insurance challenges.
The terms you probably hear are Marine General Liability, Marina Operators’ Legal Liability, Protection & Indemnity (P&I), Jones Act, Workers Compensation, Employment Practices Liability and Auto just to name a few. These are all terms you, as a marine facility owner, should know, know what they mean, and know whether you need them.
The goal of the class is to educate you on all the coverages you should have to protect your facility. This includes coverage that is often forgotten and/or you don’t think you need — that is, until you have a claim.
For example, I’m sure you have had to fire employees for various reasons. If an employee that you let go is part of a “protected class” (which is vast now), that employee can file an EEOC (Equal Employment Opportunity Commission) claim on your business. If you do not have employment practices liability coverage, if you are sued you will be paying out of pocket for all the expenses. For a policy that could be as low as $2,000 a year, you could end up paying tens of thousands of dollars to defend yourself against an EEOC claim.
There are so many hidden places where spending just a few dollars on coverage now will protect you later. The time to discover you do not have all the coverage you should have should never be after there is a claim against the business.
How a Strong Risk Management and Claims Management Program Strengthens Your Position in Your Insurance Program, Sabrina Brigance, Hylant
  1. Enhanced Insurability for Marina Owners:
    • Explain that a comprehensive risk management program demonstrates your commitment to mitigating risks specific to marina operations, making you a more desirable and insurable candidate for marine insurance companies.
    • Showcase how your proactive approach to risk reduction and claims management sets you apart from others and positions you as a lower-risk entity in the eyes of marine insurers.
  1. Competitive Insurance Pricing:
    • Discuss how a strong risk management program can positively influence insurance pricing and terms, specifically tailored for marina operations.
    • Demonstrate your effective risk mitigation practices and track record of proactive claims management. Insurance providers specializing in marine insurance are more likely to offer competitive pricing, discounts, and favorable policy terms to marina owners who can show this.
  1. Negotiating Power:
    • Highlight the importance of a well-established risk management program in providing marina owners with negotiating power during insurance policy renewals.
    • Showcase your commitment to risk reduction specific to marina operations. This can help you leverage your position in negotiating lower premiums, higher coverage limits, and more favorable policy conditions with marine insurance providers.
  1. Access to Specialized Coverage for Marina Owners:
  • Explain how a strong risk management program can open doors to specialized insurance coverage tailored to the unique needs of marina owners, encompassing all aspects of marina operations and associated risks.
  • Insurance providers specializing in marine insurance are more likely to offer comprehensive coverage options for marinas with effective risk management practices, allowing you to address specific exposures and protect your marina assets more comprehensively.
  1. Long-Term Cost Savings:
    • Illustrate the long-term cost-saving benefits of a strong risk management and claims management program for marina owners.
    • By reducing the frequency and severity of claims through proactive risk mitigation specific to marina operations, you can minimize the impact of deductibles, maintain more stable insurance premiums over time, and potentially qualify for cost-saving programs such as loss-sensitive plans or experience rating.
  1. Improved Business Continuity:
    • Emphasize how a strong risk management program and efficient claims management contribute to better business continuity for marina owners.
    • Discuss how prompt and effective handling of claims specific to marina operations helps minimize downtime, repair or replacement costs, and potential negative impacts on your reputation — ensuring  your marina can continue operations smoothly.
Conclusion: Highlight the importance of ongoing commitment to risk management and continuous improvement to maintain a strong position within your insurance program and drive long-term success for your marina.
State of the Property Market, Mike Mueller, Risk Placement Services, Area Senior Vice President; Nicholas Cavaness, Risk Placement Services, Area Vice President, Gallagher
This presentation details the current state of the property insurance market. It covers the topics of the capacity constraints driven by limited carrier supply and increased insured demand; and rate stability and increases, by segment, which drive changes in annual premiums. It also discusses the impact of natural catastrophes, which affect carrier portfolio losses; property valuations; and the impact of inflation on the marketplace.