As a marine surveyor, you have a complicated and important job to perform. Insurance companies and vessel owners rely on you to report on the condition of a vessel. Your results could affect settlement costs, sale costs and more.
When you have that much responsibility, you need marine surveyor E&O insurance.
The Risks to Marine Surveyors
Oversights and mistakes happen in any industry. As a marine surveyor, some of the most common mistakes include:
- Failing to complete the report by a deadline
- Describing a vessel or vessel’s condition incorrectly
- Delivering confidential information to the wrong person
- Delivering an incomplete report
When it comes to E&O coverage, it is important that there was no intention to harm. For instance, if you or an employee intentionally provide a client with misinformation, E&O coverage may not cover the act.
The Protection for Marine Surveyors
E&O insurance protects you, your employees and your partners in the case of allegations of failure in professional service. The policy helps pay for legal fees and any settlement costs if the plaintiff wins the case against you.
Whenever your advice can affect another person financially, you need to have E&O coverage. Mistakes do happen and if you or your employees make a critical error, you could be liable for any damages that it causes.