Marine Industry Combined Liability (MICL) is a liability cover for the marine industry manufacturers and repairers. MICL was developed based on real industry need for a single liability cover and combines all areas of marine liability including public liability, products liability, ship repairers’ liability and testing and commissioning liability.
MICL’s advantage over competing separate marine liability covers is it provides a complete public/products insurance in one cover without a watercraft exclusion/limitation, and a separate ship repairers policy for work/repairs undertaken on vessels. MICL is suited for works undertaken to most watercraft but there was some limitation on defence vessels and large cargo vessels.
Wymark Insurance Brokers has made the product available to all other insurance brokers who are AFS Licence holders by a wholesaling arrangement throughout Australia.
Commission will be paid at 15% to the introducing or retail insurance broker.
Product Covers - a brief description of each section of the cover
Public liability insurance will cover you in the event that a member of the public is injured and the accident is deemed to be your business’ fault.
Product liability insurance will cover your business in the event that any goods that you supply cause injury, illness, loss or damage to a member of the public.
Ship Repairers Liability
Ship Repairers Liability, custody and control liability of ships being repaired and third party bodily injury and property damage liability. Cover is available from a small one-man one-van operation providing a painting service, or for installing and mending electronics, up to marine service companies with specialist premises and facilities, handling commercial vessels and providing engineering services
The section includes liability resulting from negligence arising from:
Testing and Commissioning Liability
This element of cover provides a Third Party Property Damage cover whilst testing & commissioning vessels. Similar to a motor vehicle Third Party Property Damage cover this provides TPPD to other persons property as a result of negligence.
Statutory Liability (Claims Made) - Automatic Extension
Included as per the MICL policy extension
The Statutory Liability coverage is an extension to the policy you are applying for and the Statutory Liability coverage is ‘Claims Made’ insurance. This means that the Statutory Liability extension of the policy applies to claims made against you and notified to the insurer during the policy period. The policy does not provide cover in relation to:
However, the effect of Section 40(3) of the Insurance Contracts Act 1984 (Cth) is that where you become aware, and notify the insurer in writing as soon as is reasonably practicable after first becoming aware but within the policy period, of any facts which might give rise to a claim against you, any claim which does arise out of such facts shall be deemed to have been made during the policy period, notwithstanding that the claim was made against you after the expiry of the policy period.
Financial Loss Extension - Optional Extension Subject To Additional Premium/Acceptance
Legal liability to pay compensation in respect of Injury;
Damage which includes:
Physical loss of or property damage to any non-owned vessel or craft (or to contents thereof) while in the Insured’s temporary care, custody or control for the purpose of carrying out works thereon, but no indemnity is granted for liability in respect of physical damage to or destruction of that part of any non-owned vessel or craft (or to contents thereof) on which the Insured is or has been working on if the physical damage or destruction arises from such work; or
The costs of removal of wreck that arises from a direct consequence of Damage to any non-owned vessel or craft; or
First happening within the Geographical Limits and during the Period of Insurance as a result of an Occurrence in connection with the Insured’s Business.
In addition to the LIMIT OF LIABILITY the Insurer will pay
a. All Costs & Expenses incurred with the written consent of the Insurer
b. All charges expenses and law costs recoverable from the Insured by claimants in connection therewith.
c. Pay expenses incurred by the insured in respect of:
d. All Legal Costs incurred by the Insured for representation at
Any Coroners inquest or inquiry up to $1,000,000 any one Occurrence and in the aggregate
Any proceedings in any court or tribunal in connection with liability insured against by this Policy