In January of 2020, maritime law changed in order to continue protecting the environment but potentially sacrificing the affordability of transport services across the seas. The International Maritime Organization (IMO) is the special agency appointed through the United Nations that takes care of the safety and security of the shipping trade but also prevents pollution of the seas and waterways by ships. The changes implemented this past January will affect the maritime industry and the ability of organizations to generate a healthy profit.
The change for shipping companies is a global marine fuel sulfur cap. So long as the implementation rate is high enough, the environment benefits. However, diesel prices will increase as the low-sulfur oil demand increases, but this will equate to higher freight rates. This is bad news for consumers. Additionally, the slower speeds will help the environment but frustrate consumers with increased travel times.
As the travel struggles increase for consumers, the industry will suffer from a limited transport capacity. With a capacity cut, the market may experience shifts in the supply-demand balance, with smaller carriers being the most vulnerable. The overall benefit, in order to compensate for the changes in routine and servicing, comes from developing a better discipline to stay relevant to the industry. Preparing for these adjustments can help a shipping company strategically plan for the future.
A recreational marine insurance wholesaler is a broker who works as an intermediary between an insurer and a retail broker. This type of broker will have no contact with the insured party and instead acts as a layer of experience and focused expertise for a retail broker. For instance, a retail broker can offer recreational marine insurance, motorcycle insurance and RV insurance and use a different wholesaler to find the best deals for each type. You can really benefit from dealing with wholesalers because it can open up a variety of niche coverages for your company to offer without having to take the time to develop those skills and relationships yourself.
When you are looking for a recreational marine insurance wholesaler, you will want to look for companies and individuals who can help your clients whether they own a dealership, a repair shop or a manufacturing company. This can help everyone involved to find the best solutions for any gaps in insurance. Many companies will have this information listed on their websites, you can also find companies through your industry contacts which offer the things you are looking for. It is a good idea to look at things like reputation and areas covered to help you find the best fit in insurance wholesalers.
Insurance is a vast world and marine insurance is no exception. If you own and operate any type of business that offers any services related to boats, yachts, ships, or parts manufacturing, you should offer comprehensive insurance coverage to your customers. When you partner with a professional recreational maritime insurance agency you will be able to protect yourself and your consumers. This type of partnership is available to a wide variety of maritime-related businesses, including boat dealerships.
Selling and renting boats is not a task that should be taken lightly. You and those who do business with you should be protected from various angels. When considering offering marine insurance to customers you’ll want to find an agency that has experience and credentials to do the job right. Each boat dealer is different in what they offer and what type of coverage they should offer. Some of the coverage options are as follows:
- Property coverage
- Boat show
- General liability
- Legal liability
Who Else Can Benefit?
Yacht clubs, parts manufacturers, boat builders, and ship repairing facilities should offer recreational marine insurance. Making sure your customers have the ability to be covered will benefit everyone involved. Managing your risks and giving your consumers the ability to manage theirs will give you a good reputation and let people trust you. Learn how recreational maritime insurance can make your company more professional.