Page 23: of Marine News Magazine (June 2012)

OFFTOA GOODSTART Contractors bidding on projects within the maritime industry should be aware of the risks that lay ahead, the coverages available to protect against those risks and any associated costs before presenting a proposal. The right insurance agent can provide streamlined insurance products and services tailored to fit contractors needs as they relate to each specific job. That agent can provide products and services that can lead to faster and more accurate bid submissions, as well as provide valuable risk control counsel to help protect the contractors employees after the bid is won. Because marine contractors are subject to bid specifica- tions for each job, they are more likely to need to meet with an agent on a regular basis ? rather than just at renewal time. With such specific needs, an agent experi- enced in ocean marine and construction insurance can best determine the appropriate coverage necessary along with possible coverages that may not be needed for the particular project. An experienced agent may also be able to identify some unnecessary and costly bid requirements ? potentially leading to cost savings for both parties. With frequent agent interaction as a key to finding the right coverage for marine construction projects, contrac- tors will want to look for insurance agents and insurancecompanies with a local presence. Companies with field offices across the country offer convenient access to underwriting and claim specialists. Finally, before signing on with an agent, contractors should ask for references and find out what other construction companies the agent has insured. Marine construction is complicated, and it can be diffi- cult for contractors to understand all the potential riskexposures. Smart contractors, who want to take on new jobs with marine components, should work closely with insurance agents who specialize in both the wet and dry sides of the business. The agent should be connected to an insurance carrier with a proven track record in marine construction, serve as a trustworthy advisor for coverage needs and risk mitigation, and have the resources to deter- mine the best insurance products and services to fit the unique needs of any marine construction job. www.marinelink.com MN23