Wednesday, November 30, 2022

Good News for FL Marine Contractors in 2023

As we come to the close of 2022, we’re experiencing noticeable increases in costs from both the consumer and business owner perspectives. 

From the private citizen’s perspective, whether it’s a trip to the grocery store, a restaurant, or retail shops, prices have been rising. 

From a business owner’s perspective, it seems all the costs of doing business continue to rise, including insurance, healthcare, real estate, benefits, and wages. 

Generally, the highest cost for a business owner— from an insurance standpoint— is their Workers’ Compensation policy. The great news is that, in contrast to the pricing increases we’re seeing in other industries, the cost of Marine Contractor’s insurance has been steadily decreasing over the past few years. In fact, since 2019 the rate for class code 6006F has dropped 38%. 

We’re pleased to share that significant rate reductions will continue in 2023. 

Effective January 1, the Florida Marine Contractors’ class code 6006F will drop 15% from $11.09 to $9.43.

And in Florida, the average rate reduction for all true US Longshore class codes is 14.9%. 

We think everyone can agree that lower costs are a great way to start off a new year. Contact the specialists at LIG for details about our comprehensive coverage options today! 

Ian Greenway

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