Ocean Marine Insurance

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Learn what is included in Ocean Marine Insurance coverage.

Ocean marine Insurance is one of the oldest lines of insurance coverage that exists in the world today.

Coverage for ocean marine policies was created in the 1600s from merchants’ desire to protect themselves from the heavy losses faced in an age when shipping was a very dangerous venture.

While pirates and wooden ships are less of a factor these days, there are still a number of losses that a ship can encounter.
 
Over the years, ocean marine insurance has expanded to provide more and more loss protection.

It even sparked the growth of similar types of coverage, such as inland marine insurance.

Once strictly used in maritime industry, inland marine is now primarily used as a way to fill in gaps in commercial property protection policies.
 
Today, ocean marine insurance is not just a single coverage, but actually a group of three coverages that address the primary areas of loss for vessel owners and cargo owners.
 
Ocean Marine Hull Coverage
 
Hull insurance provides coverage for physical damage to a vessel and any of its operating equipment and machinery.

Any vessel, not just ocean-going commercial crafts, can benefit from the coverage.

Tugboats, barges, other miscellaneous floating equipment and even some fixed properties, such as offshore oil rigs are all candidates for hull insurance.
 
Ocean Marine Cargo Coverage
 
Cargo that is waterborne during any part of the shipment process can be covered for physical damage by an ocean marine cargo policy.

Some policies may also offer protection from theft, pirate attacks and other forms of loss.

Policies can be purchased for individual shipments or they can cover any and all shipments made during a policy period.

Marine pollution insurance

Some pollution coverage may be added to a general marine liability policy to cover costs associated with fuel spills and other events.
 
Ocean Marine Liability Coverage
 
Marine liability is most commonly known as protection and indemnity or P&I Coverage.

Some things covered by P&I include:
 
* Injury, illness or loss of life caused by a vessel’s operation
* Medical expenses relating to any injury, illness or loss of life
* Damage to other vessels or property caused by collision
* Damage to other vessels or property caused by incidents other than collision
* Wreck cleanup and removal
* Damage to cargo in certain situations and
* Expenses resulting from quarantine
 
As you can see, it covers a wide variety of third-party liabilities that an owner is exposed to during a vessel’s operation.

Please contact us with questions about any insurance or risk management topic. We will see you again soon!

[chganeshbabu]

Nice video... Background music could have been less