16 Sep Why Marine Insurance Is Important
The states that border the Gulf of Mexico (Alabama, Louisiana, Texas, Mississippi, and Florida) run economies that are highly dependent on energy and fishing, which facilitate the usage of ships and cargo for everyday operations.
According to the National Oceanic and Atmospheric Administration, recreational saltwater fishing generated its highest economic impact in Florida, Louisiana, and Texas. These states recorded sales figures of $8.2 billion, $2 billion, and $1.9 billion respectively. The industry also accounts for a total of 109,000 jobs within those three states.
According to the U.S. Bureau of Labor and Statistics, jobs related to the oil industry have skyrocketed between 2005 and 2011. This is largely due to the offshore drilling operations in the Gulf.
Given the scale of these industries, the companies involved and the economy stand to be greatly impacted if any damage happens to the ships utilized in these business operations.
Moreover, many businesses in the Gulf Coast depend on marine logistics to transfer and deliver cargo. As well as possible damage to ships and cargo, there is an inherent risk of personal injury. These are risks for both domestic and international business across multiple industries. If an accident occurred that directly interfered with the ability to conduct business operations, you could be compensated for your losses if you’re properly insured.
AWS Insurance is committed to providing top commercial marine insurance, and its professionals are among the first to earn their Certified Marine Insurance Professional designations.
For more information about the AWS Marine Insurance Department and how it can help keep you covered, please visit our website at www.awsinc.com or call us at (504) 883-4111.