Stimulus bill removes longshore insurance requirementsPosted on
The U.S. House and Senate recently voted to modify the Longshore and Harbor Workers’ Compensation Act as part of the American Recovery and Reinvestment Act.
The bill, which awaits President Obamas signature this afternoon, removes longshore insurance requirements for recreational marine service and repair businesses. This relief will save small businesses on average of more than $100,000 annually, which will allow the businesses to insure their workers under the state workers compensation system and retain and create American jobs, according to the Marine Industries Association of South Florida.
“This is a significant accomplishment for the recreational marine industry,” said MIASF president JJ McConnell, in a statement. “It will result in valuable economic relief for our industry, and MIASF is proud to have been in the forefront of the campaign to bring about this much needed change for our members.”
MIASF says marine business operators should contact their insurance agents to determine how this legislative change affects your current policy. This exclusion does not apply if the company does not carry state workers compensation insurance.