Venture Programs Expands Tidal Marine Business

PRODUCT: Brown-water marine coverage

COMPANY: Venture Insurance Programs

BEST RATING: A (Excellent)

AVAILABILITY: Coverage is available through approved independent agents and brokers.

FOCUS: Marine is one of the world’s oldest forms of insurance. And considering the variety of exposures ranging from major cargoes and large-scale vessel operators to tugs, barges and marine contractors of all sizes, it continues to be a vital business today. That’s where Tidal Marine comes in.

To serve this ever-growing market, Venture Insurance Programs has expanded the availability of its commercial marine insurance business—Tidal Marine—to all states in North America. Tidal Marine, which joined forces with Venture Programs in February 2016, provides hull and machinery, protection and indemnity, general liability, and marine employers liability coverage to the brown-water sector.

“Tidal Marine has been a natural fit for Venture’s portfolio of industry specific programs,” says Philip J. Harvey, president and founder, Venture Programs. “Expanding Tidal Marine’s reach to all U.S. states, and particularly those that touch water, advances our goal of providing best-in-class products and services to our agent and broker network and their clients.”

Specifically, Tidal Marine supports brown-water commercial risks, including supply, utility, crew, tugs, barges and workboats. Tidal Marine also offers a marine employers liability policy for crew members, divers and employers who send their employees onto ships, including caterers, marine construction companies, drilling contractors and engineers.

“Tidal Marine has taken off at Venture and continues to grow,” says Damon Vaughan, senior vice president, marine program management and development. “We look forward to broadening our commercial marine products and target classes while utilizing Venture’s nationwide distribution platform.”

UNDERWRITING: Coverages include hull and machinery, which includes physical loss and damage to scheduled vessels and any onboard equipment; protection and indemnity, which is part of the hull policy and covers liability for bodily injury and/or property damage; comprehensive GL, which covers the cost of compensating third parties if they suffer bodily injury or damage to their property; and marine employers liability, which covers employees who may be required to work on vessels, or in the general servicing, supplying or making of repairs to third-party vessels or marine structures.

MINIMUM PREMIUM: Flexible, based on types of operation and quality of risk.

TARGET: The program serves a variety of businesses, including but not limited to general marine contractors, maritime employers, and vessel owners and operators of tugs, barges and supply boats.

COVERAGE TERRITORY: All U.S. states.

CONTACT: Damon Vaughan, senior vice president of marine program management and development; Venture Insurance Programs, 1301 Wright’s Lane East, West Chester, PA 19380; 800-282-6247, ext. 410.

Ronimarie Acord is an IA contributor.