Insurance

[Guest CHEVY II]

Here's a topic I've often wondered about...What are the "standards" as far as our industry is concerned for coverage in all areas of day to day operations?

 

A sore spot I'm sure :shock:

[ABQ Approach]

Insurance is governed mainly by what is expected by the client in every contract. I think that 10 million is an average number out there with some contracts requesting 20 million. This is liability of course. As to hull insurance, most companies have this value reflect their fleet and purchase it along with the liability. There are some companies now self insuring hull values. This is the way to go if you have a respectable safety record and can join up with other reputable companies. In a perfect world, all companies would partake in self insuring and stick it to those overpriced insurance fat cats!!!