The list of risks at sea is long, and costs in the maritime business tend to be high. Among the long list of potential hazards is the possibility of a bunker fuel spill. Severe storms, natural disasters, human error, and other causes can all produce a bunker fuel spill — which can be financially costly, extremely dangerous to crew, and highly hazardous to ocean ecology. For these reasons, bunker insurance is absolutely essential.

What Does Bunker Insurance Cover?

Bunker insurance exists to help ensure that there is sufficient financial compensation to address any pollution caused by a bunker fuel spill. The cost of a cleanup can be costly, and it should be undertaken as quickly as possible — to minimize hazards to ocean life and the possibility of a spill spreading.

While the International Convention on Civil Liability for Bunker Oil Pollution Damage requires vessels over 1000 gross tons to carry relevant insurance, maritime companies are advised to consult with a lawyer and insurer to discuss specific oil insurance needs. Ultimately, an experienced insurer can help design a maritime insurance policy, including relevant bunker insurance, that fiscally protects your company if any incident occurs, while working to ensure the safety of your crew and cargo, and the health of the surrounding ocean.

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