When the activity entails an imminent risk for third parties, the company, through its legislators, determines the obligation to have a single and suitable insurance instrument that allows an economic repair of the damage.
The reason for the existence of insurance is empirical, that is, It draws on experience both to formulate coverage, as well as to consider it mandatory through provisions and laws, if necessary..
The Great Fire of London in 1966one of the most important catastrophic events in the history of England, resulted in the creation of the first insurance company that took Fire coverage.
A more current example that reflects these concepts well is compulsory automobile insurance. Driving a car and its interaction on public roads has an intrinsic risk, this potential and its patrimonial consequences are resolved with a policy. In this way the risk is transferred to an insurer.
Nowadays thinking about driving without insurance would be very stressful if we are aware of the risk of losing everything due to an accident. Many years ago it is likely that nautical activity in the delta was not considered “risky” due to the small number of boats.
Since the 1990s this has changed drastically, the nautical park has slowed down considerably and this has resulted in numerous accidents, some with unfortunate loss of life. We see collisions between vessels daily in the media and what appears in the media are only a few cases due to their seriousness.
Insurance obligation. The insurance is optional, that is to say that the decision to take out insurance to cover both the boat and to take out coverage for injuries and/or death to third parties transported and not transported remains in the hands of the helmsman or nautical driver.
Although there are no reliable statistics, we estimate that more than 70% of the boats either do not have insurance or have a very limited amount of Civil Liability,
This scenario is catastrophic from the point of view of the victims and their families. Lack of money for medical treatment, for repair expenses and families without economic support are unfortunate daily images after nautical accidents.
How does it work. In the case of having boat insurance, in general the sums for civil liability (coverage to increase damage) is up to the insured amount and in the case of boats with large values, it is limited according to each insurer.
This insufficiency responds in some way to the lack of legislation and the lack of adaptation of the National Insurance Superintendence (Control Body) to dictate sufficient insured sums in the case of existing insurance.
It should be noted that there are insurers that have specific civil liability insurance which can be taken to increase coverage or provide only this coverage. Here the advisory role of the insurance advisor producer is fundamental.
In short, there is a double problem, no insurance at worst and insufficient sums at best.
Call to action. It is essential, important and urgent to convene all the actors: Legislators, Superintendent of Insurance of the Nation, Chambers of Insurance Companies, Associations of Insurance Producers of the Nation, Argentine Naval Prefecture to include the obligation of Civil Liability insurance in the boats. The current reality only brings with it helplessness, inequality, significant economic damage and an absent state.
Nicolas Saurit Román is vice president of the Argentine Association of Insurance Producers
by Nicolas Saurit Roman
