This has been a tough few months for the community of North Berwick, Scotland. Most recently, the seaside town’s local ferry – along with more than 10 other boats – was wrecked when a bad storm hit the East Lothian coast.
One threat that fisherman, yachters and anyone else with interests on the water face is the possibility that marine life such as sharks, whales and dolphins can collide with boats, causing minor to severe damage.
When people think about the risks associated with owning a commercial fishing boat, some that may come to mind are weather-related wear and tear, collisions with other boats and even marine life like sharks and whales damaging the underside of the vessel.
What better time than the holidays to take your boat onto the water and celebrate along with your peers and your community? Owners of commercial and recreational vessels in South Florida get the opportunity to do this each year in what they refer to as the “World’s Most Watched Boat Parade.”
American Yacht enthusiasts may be excited to hear that the Delphine, possibly the largest vessel of its kind ever built in the Great Lakes area, is currently for sale. The asking price? $50 million.
Ever since 1966 when the U.S. Navy used a remotely operated vehicle (ROV) to locate a bomb in the Mediterranean Sea, commercial entities with marine interests have begun utilizing these underwater robots for their own unique purposes.
Owning and operating a boat can be quite the investment. To have a natural disaster like Hurricane Sandy tear through the East Coast and damage expensive vessels and important equipment is something that no seaman wants to have to experience, but unfortunately these kinds of risks are inevitable.
Between the $1.16 billion in claims from cruise ship Costa Concordia’s disastrous wreck in January and the estimated losses from Hurricane Sandy, which could total upwards of $3 billion, this has been quite a year for the marine insurance industry.