Global Insurance Specialists, LLC

GIS is currently handling the insurance needs of more than seventeen yacht manufacturers, builders, repair yards and/or marine contractors. The principals of GIS have been involved in this area since their careers began and thus it is an area of expertise for us. Whether you are a custom yacht manufacturer, a commercial builder, a repair yard or marine contractor, we can assist you in analyzing the exposures you have, recommend appropriate coverages, and negotiate comprehensive insurance coverages on your behalf. We have exceptional relationships with numerous underwriters for all aspects of maritime insurance.

GIS has become a leader in providing insurance for the Mega Yacht owners around the globe. The ultra luxury yachts are often foreign flagged and operated by foreign corporations that travel on a worldwide basis. We have extensive experience in providing Hull & Machinery, Protection & Indemnity, Excess Protection & Indemnity, Pollution, as well as Medical / Life Benefits for the full-time crew. We utilize Domestic and European markets to meet our client’s needs.

We have expansive experience in providing insurance coverages for commercial fishing vessel owners. Many of these operations are located outside the United States and/or are foreign owned/operated. We have also been active with the North Pacific fishing fleet throughout our careers. This includes those coverages that are unique to this industry; including crew/employee cross over claims between Alaska Workers’ Compensation, Jones Act and/or USL&H, as well as those coverage’s for processing plants located on shore. Some of the coverages include Hull & Machinery, Increased Value, Protection & Indemnity, Excess Protection & Indemnity, Loss of Earnings and/or Loss of Hire, Cargo, Mortgage’s Interest, and Foreign Liability.

We are experienced in handling Tug & Barge Operations. In addition to the basic Hull & Machinery, Increased Value, and Protection & Indemnity, Collision and Tower’s Liability coverages suitable for general towing, we can also help with coverages and limits necessary for oil movements that the Mutual P&I Clubs offer. We are familiar with the Towage Agreements involved in the towing business, including Time Charters and Demise Charters, etc. We work closely with attorneys to be certain our clients are properly protected by the insurances provided in accordance with the wordings in the Towage Contracts (i.e. Additional Assureds, Hold Harmless, Waiver of Subrogations and similar requirements).

GIS has found this to be a real growth area for us. Whether you need assistance in Professional Liability, Errors & Omissions, Directors & Officers (D&O), or Employment Practices Liability Insurance (EPLI), we can assist you. These types of policies change on a regular basis, and we have a network of underwriters that we work with continuously to keep up with the market's practices. With the rise in Wrongful Terminations, Sexual Harassment, Discrimination, and lawsuits against Directors & Officers, this is an area that will continue to be of great concern to our clients.

We have over twenty years of experience in writing and servicing this unique class of business.  We have written tens of millions of dollars in premiums for our many clients including Stevedores, Shipyards, Yacht Builders, Ship Dismantlers, and other Marine Contractors.  Due to the high volume of premiums we write, we have direct relationships with most all of the markets that write USL&H coverage.  This gives us a big advantage, as most brokers must utilize third party wholesalers that can increase costs, slow down claims and loss control services, and adversely affect your experience.  Damon L. Nasman is one of the few brokers in Washington State to have earned a Certified Workers’ Compensation Professional (CWCP) designation. 

United States Longshore & Harbors Workers’ Compensation Act (USL&H) was originally enacted in 1927 to provide compensation for injury or death of an employee engaged in maritime employment.  The compensation is payable by the employer (or insurer) only if the injury or death results from an injury occurring upon navigable waters of the U.S. including an adjoining pier, wharf, drydock, terminal, building way, marine railway or other adjoining areas customarily used by an employer in loading, unloading, repairing or building a vessel, craft or other marine apparatus.

The employee can collect regardless of whether the employer was negligent, which is similar to State Workers’ Compensation schemes.  In order to collect benefits under the USL&H act, the injured party must have “situs” and “status”.  “Situs” means referencing the location of employment and “status” references the injured party’s employment status. 

It is important to note that the USL&H act has a section that an employer “who fails to satisfy the insurance requirements shall be guilty of a misdemeanor and upon conviction, shall be punished by a fine of not more than $ 10,000 or by imprisonment for not more than one year, or by both”.

Section 905(b) Negligence Actions of the USL&H act allows a maritime worker covered by the USL&H Act to pursue a claim against a vessel for injuries caused by negligence on the part of the vessel.  Although P&I policies typically exclude “amounts paid under any compensation act”, this exclusion usually applies only to the benefits payable by the employer of the injured employee.  As such, P&I policies generally cover damages that the insured vessel owner becomes obligated to pay because of a 905(b) negligence action.