Marine Insurance Maze Untangled with LIG Marine Manager's CEO Ian Greenway

Navigating the treacherous waters of marine insurance shouldn't require a law degree, yet many business owners find themselves caught in a regulatory storm with potentially devastating financial consequences. In this eye-opening conversation, Kristina Hebert sits down with Ian Greenway, president of LIG Marine Managers, to demystify the Longshore and Harbor Workers' Compensation Act (LHWCA) that continues to ensnare unsuspecting marine businesses.The duo walks us through their decade-long legislative battle to reform the outdated "65-foot rule" that arbitrarily determined which vessels fell under federal jurisdiction. You'll hear how they successfully modified federal law in 2009, only to face new complications when the Department of Labor issued problematic regulations in 2012 that created a confusing patchwork of definitions for "recreational vessels."Greenway shares shocking real-world examples, including a recent $600,000 claim against a boatyard when an uninsured subcontractor was injured on the premises. This cautionary tale underscores why every marine business should consider "if any" Longshore coverage—often available for as little as $200-250 annually—that provides not just claim protection but unlimited defense costs against potential lawsuits.Whether you're a marina operator, boat builder, or marine service provider, this episode delivers practical advice on protecting your business. Learn how to properly track payroll to separate state and federal exposures, discover the importance of working with a Certified Marine Insurance Professional (CMIP), and understand why allowing contractors without proper insurance onto your premises creates massive liability exposure. Don't miss this essential guide to safeguarding your marine business from potentially catastrophic claims that could sink your operation.For additional information about marine and Longshore insurance, please refer to the links provided below.LIG Marine Managers: https://www.ligmarine.com/Certified Marine Insurance Professionals: https://www.iimis.com/Wards Marine Electrichttps://www.wardsmarine.com/Wards Way YouTube Channelhttps://www.youtube.com/@WardsWay75