Looking into that very question. No answers yet. SVOP is Near Coastal 1 or 25 miles.
READ YOUR POLICY - yourself! The policy will tell you exactly what is insured. The insurance company is ONLY insuring you for those listed coverage's - NOTHING MORE! IF, what you are looking for is not listed as being insured and covered, you are correct to assume it is NOT covered.
My insurance has a trade limit out to approx 70 miles.
No insurance policy should read "approx 70 miles." It should state the actual miles the insurance company is insuring (e.g. up to 70 miles offshore). IF, you are found to be over that 70 mile limit, rest assured your insurance company will NOT pay, regardless what the broker says!
Broker said it was ok. I have asked for clarification in writing for commercial operations. Regular personal operation isn't in question. Meantime I will not do any charters for tuna.
IF, the policy shows an offshore mileage limit, which ALL insurance companies do (and are also ALL different). And if, the limits are different for commercial and personal use the policy WILL state that. IF, that is not stated then the limit is the limit! Go over that limit - you have NO insurance.
FYI... In one of my previous lives I was first a commercial underwriter, who became a commercial insurance broker. I am here to tell you do NOT always believe what a broker tells you. You very are correct to get it in writing! If, the broker is wrong and does give it to you in writing the insurance company still won't pay the claim. It would then fall under HIS "errors and emissions" insurance policy. That could take years to get sorted out, paid, and can get messy!
What insurance company is insuring is clearly stated on the insurance policy! If it is not stated - it is simply NOT covered! Remember, the broker is the one you are paying and your requested information should come from the broker dealing with the insuring company. What you are requesting is clarification of coverage and possibly additional coverage. Clarification should be answered very quickly by a simple phone call. Additional coverage might take longer, depending on it even being offered by that particular insurance company and their requirements. If, something is not specifically listed or stated in the policy all you need from the "insurance company" is a rider.
IF, the broker isn't getting the answers for you fast enough, you can call the insurance company directly and just ask. They will tell you if there is coverage and if not what is required to get it. By all means you are correct in getting everything "in writing" directly from the insuring company. What the broker says (or another insurance company covers) means absolutely - NOTHING.
Another FYI... I do read my insurance policies and actually did have to get a rider extending the offshore mileage from one insurance company. I didn't call the broker, I called the insurance company underwriter directly. I found that particular insurance company had an extremely high loss ratio for offshore WCVI and didn't want the exposure. So, the standard policy they issued was actually changed to exclude ALL offshore operations. Prior to them extending my offshore mileage limitation they required ALL my Coastguard certificates and they certainly did provide the needed rider in writing to attach to the policy.
