Ocean Marine Insurance
Ocean Marine Insurance protects goods, workers, and passengers along with the shipping vessels across the ocean. Moreover, it covers the shipping vessel itself, the cargo, the liabilities associated with the shipping and any negligent act resulting in damage of goods. Commonly, the transportation of goods is domestically and internationally. Additionally, this insurance can serve as the foundation of your comprehensive business continuity strategy if you didn’t expect things that happened. Furthermore, if your business always engaged in importing and exporting goods, this insurance is what you are looking for.
Do I Need this Kind of Insurance?
Ocean Marine Insurance is perfect if your business engages in Marine Contracting, Supply of marine services, Marine transportation services, Export/Import of goods, Fishing and if you own any private seafaring vessel like a yacht.
You don’t want to pay for any losses while your goods are traveling on the ocean. It provides peace of mind to you and protects all your goods while traveling offshore.
Difference between Ocean and Inland Marine Insurance
Essentially, ocean and inland marine insurance differ in what coverage they provide. Ocean insurance financially protects ships and cargo in waterways from loss, damaged and negligence of goods. On the other hand, Inland marine insurance covers goods that are temporarily stored in your location and goods traveling on land.
Ocean Marine Insurance Coverage
This includes hull coverage. Moreover, if the hull or any operating equipment is damage physically, your insurance will help cover the costs. For example, bad weather could destroy vital components of the ship and ocean marine insurance will assist in covering some if not all of the costs of repair.
Itemized cargo that is damaged or stolen during an overseas trip covers by ocean marine insurance. This can occur through water damage, a collision, or even pirate theft.
This coverage is commonly known as protection and indemnity. This will cover a variety of liabilities that will expose the owner of the vessel including medical bills, legal expenses, or costs of the damage to another vessel due to a collision.
Inland Marine Insurance Coverage
Property in Transit
This includes any itemized cargo that is currently in motion in a car, truck, or train. This will protect against losses from damaged goods due to a shipping accident or even theft.
Inland marine insurance will cover the equipment used to transport goods such as a food truck, forklift, or any contractors’ equipment. This is necessary for contractors because it protects tools and machinery no matter where they are.
Property in Your Temporary Care
This coverage is important for businesses that trade or temporarily display expensive artwork. It will cover highly valued artwork for an allowed time.