Marine Industry Combined Liability (MICL)
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 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.
- Products Liability 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 Care, 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:
- Loss or damage to the vessel in the care custody of the Assured for the purposes of being worked upon
- Shifting and moving the vessel within the immediate port area, including trial trips
- Loss or damage to cargo on or discharged from the vessel being repaired
- Removal of wreck
- Loss or damage to third party property as a result of repair operations
- Loss or damage to equipment removed from the vessel for the purposes of repair
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:
- acts, errors or omissions that occurred prior to the retroactive date in the policy;
- any claim made, threatened or intimated against you prior to the commencement of the policy period;
- any claim or fact that might give rise to a claim, reported or which can be reported to an insurer under any insurance policy entered into before the commencement of the policy period;
- any claim or fact that might give rise to a claim, noted in this proposal or any previous proposal;
- any claim arising out of any fact you are aware of before the commencement of the policy period;
- any claim made against you after the expiry of the policy period.
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:
- The rendering of first aid
- Temporary protection of damaged or undamaged property
- Purchasing and/or hiring and/or erection and dismantling of hoarding, barriers, fences and any other form of temporary protection
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
Tel: 07 55 791 600