This insurance is purchased and administered by the Florida Department of Management Services, Division of State Purchasing. The outline of coverage provided herein is an overview; the actual policy will govern.
The cost of the insurance is the responsibility of the UF department. The EH&S Business Manager will invoice the department annually at the end of the policy period typically during the month of July.
If the equipment you plan to insure is a leased item, please forward the lease agreement/contract to UF Procurement for their review and approval. This step is done before insurance is requested.
- NAME: Ocean Marine Policy
- PERIOD: July 02, 2014 through July 02, 2017
Eligible vessels include all watercraft owned, leased, or loaned.
Description of Coverages Available (all are subject to the policy’s terms, exclusions, and limits):
- Hull Coverage – Designed to pay physical damage losses caused to the vessel. Such loss or damage may be caused by fire, lightning, windstorm, hail, tornado, collision, sinking, and other perils identified by the policy.
- Land Transit – Coverage is extended to include physical damage to the vessel during overland transit.
- Protection & Indemnity Coverage – Indemnifies the Insured (your Agency/University) for any sums which the Insured, as owner/lessee of the vessel, shall have become liable to pay due to losses such as those from loss of life, bodily injury, or illness including hospital, medical and related expenses. This includes collision liability and third party physical damage. Coverage is excluded for divers and divers’ assistants, but can be added with an additional premium upon request. This coverage is necessary when a vessel has a dedicated captain or crew.
Limit of Insurance
Various limits are available.
Hull limits will be determined by the survey provided or other documentation. Options start at $6,000.
P&I limits will be selected by each eligible user. Options start at $300,000.
Various deductibles are available.
Hull deductibles will be selected by each eligible user. Options start at $1,000.
P&I deductibles will be selected by each eligible user. Options start at $5,000.
Other Coverage Terms
- Coverage shall extend to rebuilding, outfitting, or overhauling by any recognized ship repairer or builder.
- Coverage may be extended to equipment or apparatus installed for use on the vessel, if hull values include such additional equipment.
- Coverage shall include a $1000 benefit for burial expenses.
- Each eligible user will have the option to specify the navigational territory to be used, or to request a new territory.
- Hulls will be insured up to the amounts agreed upon prior to loss or damage.
- Hull rates range from $1.15 to $4.00 per $100 of the insured value depending on vessel’s value, age and use.
- P&I rates vary depending on the exposure.
Navigational Territories Available
|Navigational Code||Navigational Description|
|1-||The inland and coastal waters of the US between Brownsville, TX, and Jacksonville, FL, not to exceed 200 miles offshore. Excludes the territorial waters of Cuba (20 miles from the Cuban shore).|
|2-||The inland and coastal waters of the US between New Orleans, LA, and Jacksonville, FL, not to exceed 200 miles offshore. Excludes the territorial waters of the Bahamas, including voyages to and from US coastal waters, and Cuba (20 miles from the Cuban shore).|
|3-||The inland and coastal waters of the US between Brownsville, TX, and Portsmouth, NH, not to exceed 200 miles offshore. Excludes the territorial waters of Cuba (20 miles from the Cuban shore).|
|4-||The inland waters of the State of Florida.|
|5-||The inland and coastal waters of the East Coast of Florida.|
|6-||The inland and coastal waters of the State of Florida, not to exceed three miles offshore|
|7-||The inland and coastal waters of the US between Jacksonville, FL, and Tampa, FL, not to exceed 200 miles offshore. Excludes the territorial waters of the Bahamas, including voyages to and from US coastal waters, and Cuba (20 miles from the Cuban shore).|
To file a claim, use the DMS Insurance Claim Form.