Montana Dredging Contractors Insurance Policy Information
Montana Dredging Contractors Insurance. Dredging contractors remove accumulated sand, silt, mud, sediment, and other materials from the bottom of a waterway. Dredging must be done on a routine basis to maintain the water's depth or increase a channel's width or depth to allow larger vessels to navigate it and access its docks and piers.
Dredging can also be done to remove contaminants from sediments deposited by industrial discharges or urban sewer overflows that can impact fish and wildlife. Disposal of sludge removed by dredging is regulated by the U.S. Army Corp of Engineers and the Environmental Protection Agency (EPA).
Underwater sediment can be removed either by suctioning it out in pipes or scooping it out in buckets.
In addition, dredging can play a vital role in maintaining the health of underwater wildlife populations.
Since this type of excavation is primarily performed underwater, dredging contractors will rely on valuable and specialized equipment such as water injection dredgers and suction dredgers. While there is no doubt that dredging provides an important economic as well as environmental purpose, MT dredging contractors face a number of risks.
How should they protect their financial future? Because having the right Montana dredging contractors insurance is a key part of risk management, it is essential for firms in this industry to carefully evaluate their needs. To learn more, read on.
Why is insurance important for dredging contractors? What type of coverage do you need? Below, you'll find the answers to these questions and more so that you can make sure that you, your employees, the people that you serve - and your business as a whole - are properly protected.
Montana dredging contractors insurance protects your contracting business from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Why Do MT Dredging Contractors Need Insurance?
While dredging contractors are always prepared for a broad variety of different dredging operations, these businesses are exposed to an equally wide spectrum of hazards. Dredging contractors will face some of the same risks as any other commercial venture, as well as some unique to the maritime sector.
Your office space could be struck by an act of nature, such as a wildfire or earthquake, ravaging your building and important physical assets inside it. Dredgers might suddenly need to be repaired or replaced, causing costs on two fronts - not only will new equipment or fixes carry significant expenses, you'll also face business interruptions. In any company, (cyber) theft and vandalism pose threats.
In addition, a worker could become injured on the job. Even if you follow health and safety regulations to the letter, it is possible that your MT dredging operations could cause damage to the infrastructure for which you will be sued.
As you can imagine, some perils carry expenses of such a magnitude that they have the potential to sink your business. By carrying Montana dredging contractors insurance, a business not only meets its legal obligations, it also ensures that the business has a significantly better chance of recovering even if it comes face to face with disastrous, unplanned, and unexpected circumstances.
What Type Of Insurance Do Montana Dredging Contractors Need?
To optimally protect a dredging business, it is vital to carry several types of insurance. The precise types of coverage that best suit your needs depend on factors like the size and scope of your operation, the locations where you carry out work, the nature of the equipment you use, and your number of employees.
Because every dredging contractor will have unique circumstances, talking to a skilled commercial insurance broker is an inescapable part of obtaining the right insurance. With that in mind, the following are key examples of the kinds of Montana dredging contractors insurance coverage that are usually required:
- Commercial Property - This important type of coverage will protect your commercial office space and its contents. If perils such as acts of nature, theft, and vandalism cause damage or loss, a significant portion of the costs will be taken care of.
- Commercial General Liability - Designed to help you cover your legal costs - ranging from attorney fees to settlement payouts - if a third party sues you alleging that you contributed to bodily injury or property damage, this form of Montana dredging contractors insurance is key for any commercial venture. It would apply to scenarios such as someone slipping on a wet floor in your office, or your company accidentally damaging a vehicle during a dredging operation.
- Environmental Liability - Dredging contractors will also need to carry environmental liability coverage, in case of accusations that their business was responsible for causing damage to the environment.
- Workers Compensation - While health and safety regulations greatly improve the safety of workers during dredging operations, both drowning and injuries remain possible. Carrying workers comp makes sure that an employee's medical bills and any lost wages are covered, while it also covers death benefits in worst-case scenarios.
Investing in these key types of insurance will get your dredging business a lot closer to financial safety even if something were to go wrong. Be aware, however, that you may have additional Montana dredging contractors insurance needs, in the form of equipment breakdown insurance, crime insurance, or commercial auto insurance, for example.
Discuss your individual circumstances with a commercial insurance broker to get more detailed insights.
MT Dredging Contractors' Risks & Exposures
Premises liability exposures at the contractor's office are generally limited due to lack of public access.
Outdoor storage of materials and equipment may create vandalism and attractive nuisance hazards. Off-site exposures are extensive. Digging and other operations pose numerous hazards, especially if the contractor exercises inadequate control of the area. The public or employees of other contractors can be injured due to trips and falls over debris or equipment, be struck by falling objects, or drown.
Dredging can result in damage to underground lines or pipes, damaging property of the utility company, and disrupting operations of neighboring properties. Contractors should verify the location of other utility lines prior to dredging. Improper signage or barricading could result in a vehicle or watercraft collision and loss of life.
Dredging sites create an attractive nuisance hazard, especially if work is close to residential areas. All equipment must be disabled when not in operation to prevent untrained individuals from using it.
Dredging in an area with existing structures requires extra vigilance to prevent foundation and structural damage to nearby buildings.
Personal injury exposures include assault and battery and invasion of privacy. Background checks should be conducted for any employee who will have regular contact with customers.
Environmental impairment exposure can be high if the contractor is removing contaminated materials due to the potential for air, land, and water pollution. Spillage and leakage of pollutants can result in high cleanup costs and fines. Spills must be controlled. Dredging can disturb aquatic life if toxic chemicals are released from bottom sediments.
Operations can result in claims or noise pollution by neighboring properties. Disposal procedures must adhere to all EPA and other regulatory standards. Proper written procedures and documentation of both the transportation and disposal process are important.
Ocean marine hull and protection and indemnity exposures are from equipment fastened to a barge for dredging operations. The size of the vessel, the equipment used, and the distance the craft travels from shore impact the potential severity of loss. Hull coverage is needed for the vessel and its equipment as they are ineligible for coverage under standard watercraft policies. These may be damaged by fire, sea or weather conditions, sinking, stranding, or collision with stationary objects or other watercraft. Regular maintenance of the vessel and all equipment must be documented.
Protection and indemnity exposures include bodily injury and property damage caused by the vessel. The captain and crew must be trained in navigating the construction area and must have the needed tools to prevent contact with other fixed objects such as piers, bridges and docks and other vessels.
Injury to the crew and captain may be considered an ocean marine exposure instead of a workers compensation exposure because of the Jones Act. In addition, workers not members of the crew who are injured while dredging on a waterway may try to claim the higher benefits provided under the U.S. Longshore and Harborworkers Act.
Safety equipment, including personal flotation devices (PFDs), should be appropriate for the job.
Workers compensation exposures are severe due to the potential for back injuries, crushing, suffocation, or drowning at any phase of the operations. Sudden changes in wind or weather can make work less safe. Serious injuries may arise from work with hand tools, large, heavy machinery, or from the carelessness of fellow employees.
Common hazards include slips and falls, foreign objects in the eye, hearing impairment from noise, cuts or puncture wounds, bites from insects or vermin, temperature extremes, being hit by falling objects, striking objects or utilities, or exposure to pollutants.
The absence of good maintenance, proper use of basic safety equipment, such as properly installed guards, steel-toed shoes, and eye protection, and strict enforcement of safety practices may indicate a morale hazard. U.S. Longshore and Harbor Workers coverage may be required.
As operations are often conducted in remote areas, it may be difficult to transport an injured worker to a medical facility to receive prompt treatment.
Property exposures at the contractor's own premises are generally limited to those of an office and storage of equipment and vehicles. Fire hazards may arise from refueling and repair operations due to the storage and use of flammable gasoline and other fuel sources.
Inland marine exposures include accounts receivable if the contractor bills customer for services, computers, contractors' equipment, and valuable papers and records for customers', regulators', and suppliers' information. Backup copies of all data should be stored off premises.
Dredging equipment is heavy and difficult to transport without adequate loading, tie-down and unloading procedures. During dredging operations, the equipment may operate from land or from some type of watercraft. Equipment may be damaged by exceeding its load capacity, striking underground objects or utilities, falling into the water, rock, land or mud slides, or bursting into fire from overload.
Equipment may be subject to changes in the weather, water hazards, drop and fall from heights, being struck by vehicles or watercraft, or colliding with land structures. Equipment left at jobsites is vulnerable to theft and vandalism. Equipment should be secured and rendered inoperable when not in use.
Crime exposures are primarily due to employee dishonesty. Background checks should be conducted prior to hiring any employee. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. Physical inventories should be conducted on a regular basis to prevent employee theft of equipment.
Commercial auto exposures can be high due to the transport of oversize machinery and equipment. Secure tying down is vital to prevent damage to other vehicles. Roads near waterfronts may be narrow and the ground uneven, increasing the risk of collision and upset. The driver must be trained in handling a top-heavy vehicle as considerable skill and knowledge are required for safe driving.
Serious property damage or injury to passing pedestrians or motorists or to employees of other contractors can arise during loading and unloading of equipment and materials, including dump trucks used for hauling materials dredged from the waterway. If there is a collision, the resulting overturn may spill the load onto a public road and prevent access until cleanup is completed.
Long drives with oversized equipment may lead to driver fatigue. For long-term projects away from home base, personal use of company vehicles poses a concern. Similarly, employees may use their own vehicles on company business for long periods, especially to transport crews to the jobsite.
All drivers must have appropriate licenses and acceptable MVRs. Random drug and alcohol testing should be conducted. Vehicles must be maintained, and the records kept in a central location.
Montana Dredging Contractors Insurance - The Bottom Line
To discover more about the exact types of Montana dredging contractors insurance policies you'll need and how much coverage will cost, chat with a reputable agent that is experienced in business insurance.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Marine, Boat And Watercraft Insurance
Learn about marine, boat and watercraft insurance - a specialized form insurance that provides coverage for hull losses, cargo losses as well as liability for passenger injuries, environmental damage, and third-party damage caused by watercraft accidents.
- Boat Dealers
- Boat Repair & Dry Docks
- Dock & Pier Contractors
- Dredging Contractors
- Ocean Marine
- Boat & Watercraft Insurance
Marine insurance covers everything from loss of cargo to damage to the vessel, terminals, etc. Cargo ships are provided protection against potential losses, especially in transit, which is ideally suited to shipping companies and couriers who want to ensure that they are protected while transporting goods.
Businesses in the shipping industry and those who own private yachts/boats understand that it is nearly impossible to control natural occurrences despite the current safety regulations and laws. Factors like encounters with pirates, weather hazards, conflicts are all too common and can result in damages that cause ship owners to incur lots of damages.
A marine insurance policy can ensure that ship, boat, and yacht owners' interests are protected, offering financial coverage to ensure that they are protected against potential losses.
The other excellent feature of current marine insurance policies is that they can be customized to specific trades, which means that they can cater to varying coverage requirements. The policies can offer coverage based on the size of the ship and the routes being taken.
Types Of Marine Insurance
As mentioned earlier, marine insurance is a broad term that applies to a large group of coverages and is meant to offer protection against damages and losses. Generally, you'll run into three common marine insurance types that provide varying protections.
Hull Insurance - When your ship, boat, or yacht has hull insurance, it is protected from all physical damages along with machinery and equipment. The policy covers all water vessels but is limited to primary commercial ocean vessels. That's why this isn't the best policy for vessels like floating equipment, tugboats, barges and oil rights, or any other type of vessel which does not have commercial intent, so to speak.
Cargo Insurance - Again, this marine insurance coverage is for physical damage to the cargo a commercial vessel may be carrying. However, the coverage and the conditions may vary; for instance, there are policies that offer theft protection, and then there are others that cover other forms of losses apart from physical damage.
Marine Liability Insurance - Now this policy is often referred to as P&I or also protection and indemnity. The coverage offers protection from third-party liabilities that owners and businesses may be exposed to during operations. It also includes coverage for illnesses and injuries while also covering loss of life when the vessel is operational. If there are medical expenditures, damage to the vessels, collision incidents, then; as a result, the quarantine is also covered.
Finally, the premium for marine insurance is mainly based on a couple of factors like the type of vessel, age of the vessel, trading and tonnage, management and ownership, and valuation of the ship, amongst various other factors.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Bailees Customers, Computers, Contractors' Equipment, Mobile Equipment, Valuable Papers and Records, Ocean Marine – Hull, Ocean Marine – Protection and Indemnity, General Liability, Employee Benefits Liability, Environmental Impairment, Umbrella, Hired and Non-Owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Burglary, Computer Fraud, Forgery, Robbery, Goods in Transit, Signs, Ocean Marine - Hull, Cyber Liability, Employment-related Practices, Liquor Liability, Ocean Marine - Protection and Indemnity, Business Automobile Liability and Physical Damage, Longshore and Harborworkers Compensation Act and Stop Gap Liability.
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Also find Montana insurance agents & brokers and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.