Talisman Casualty Insurance Company is helping maritime businesses meet the challenges of their industry with its unique protected cell captive insurance services.
The worldwide marine vessel market was worth $170.75 billion in 2021 and is projected to grow to over $188 billion by 2028. Even the global recreational boating market is projected to grow at a CAGR of over 5% from 2020 to 2027, from $29 billion to $35.4 billion. While the industry has rebounded from the COVID-19 pandemic, there are still several challenges that remain a cause for concern for business owners operating in it.
The spokesperson for Talisman Casualty says, “Spurred on by the growing threat of climate change, world governments are banding together to force ocean transportation companies to adhere to environmental protection regulations. For business owners, this transition to a greener maritime sector means an investment in upgrades to make their fleets compliant with the new rules. It also means a strain on their budgets, preventing them from taking the risks needed to grow their ventures.”
The Talisman Casualty Marine Program is designed to help marine contractors, fishing operations, and other businesses with assets on the water manage their business risk with bespoke coverage options. It focuses on small to medium-sized marine accounts and provides Maritime Employers Liability (MEL), Hull and Protection & Indemnity (Hull / P&I), and Comprehensive General Liability (CGL) with admission into the cell.
The Maritime Employers Liability (MEL) policy typically provides coverage for employees while working on non-owned or operated vessels. Commercial General Liability policies protect business owners against claims of liability for bodily injury, property damage, and personal and advertising injury.
Hull Insurance Coverage is a type of property coverage protection against damage to a covered vessel. Protection and Indemnity coverage, often written as a package with Hull coverage, is liability insurance for practically all maritime liability risks associated with the operation of a vessel, other than that covered under a workers’ compensation policy and the collision clause in a hull policy.
“Our marine program prioritizes forming long lasting relationships with our clients,” says the spokesperson. “These close working alliances with the management and employees of participating accounts allow us to truly understand their business, risk management practices, and business forecast so that insurance coverage can always match the fluctuating exposure to market risks.”
The selection of insureds into Talisman Casualty’s protected cell captive structures is highly vetted to only favor those who have demonstrated sound management and safety practices. Moreover, the selection of claims adjusters and other service providers is also done to enable effective and efficient client service.
The spokesperson explains the screening process by saying, “Program risk selection starts with accounts familiar to the group. Leveraging our large professional networks, we partner with maritime businesses that operate with the same high level of integrity as our clients. This assures participants in the cell structure that they are only sharing risk with others who work just as hard and diligently as them. Visit our website to find out more about us, such as who owns Talisman Casualty.”
Several maritime businesses have benefited from Talisman Casualty’s marine programs and have let their approval of the company’s services be known in their reviews. On its Google Business Profile, where it has an excellent overall rating of 4.9 out of 5.0 from almost 40 reviews, clients praise the company’s customer service, flexible and secure coverage options, and effective claims management.
One review says, “Talisman is really trustworthy, reliable, and they efficiently get back to you. Their marine insurance offering was exactly what I needed, and their expertise made me feel secure in my decision to switch companies.”
Another client praises the company’s process for handling claims by saying, “Talisman Casualty is a marine insurance provider with a solid management team and staff at the helm. It has one of the top claims management services in the business. We are completely satisfied.”
Readers can contact the company’s Marine Underwriter, Gina Ekyl at gina@marinedepartment.net to ask about the Marine Program or the several Talisman Casualty lawsuit avoidance strategies.
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For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
800-318-5317
info@talismancasualty.com
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117
