Ocean Marine insurance provides coverage for various risks and liabilities associated with maritime activities, including cargo transportation, vessel operations, and marine-related businesses. The specific coverage you need to purchase for Ocean Marine insurance depends on your involvement in maritime operations. Here are some common insurance coverages for Ocean Marine:
- Cargo Insurance: Cargo insurance covers the loss or damage to goods and merchandise during transportation by sea. It provides coverage for risks such as sinking, fire, theft, collision, or other perils that may occur during the voyage. Cargo insurance can be tailored to specific types of cargo, such as general goods, perishable items, or hazardous materials.
- Hull and Machinery Insurance: Hull and Machinery insurance provides coverage for physical damage to vessels, including ships, boats, or other watercraft. It protects against risks such as collision, sinking, stranding, fire, explosion, and machinery breakdown. This coverage typically includes repairs or replacement of the vessel and associated equipment.
- Protection and Indemnity (P&I) Insurance: P&I insurance covers the legal liabilities of shipowners and operators for bodily injury, property damage, and pollution arising from vessel operations. It includes coverage for third-party claims, crew injury, damage to docks or other vessels, pollution cleanup costs, and legal defense expenses. P&I insurance can also offer additional coverages like wreck removal, charterer’s liability, and collision liability.
- Marine Liability Insurance: Marine liability insurance provides coverage for third-party liabilities related to marine operations. It includes coverage for bodily injury, property damage, and pollution liabilities resulting from vessel operations. This coverage is often purchased by businesses involved in maritime activities such as marinas, ship repairers, stevedores, or marine contractors.
- Builder’s Risk Insurance: Builder’s Risk insurance covers the risks associated with the construction or conversion of vessels. It provides coverage for damage to the vessel under construction or renovation, including hull, machinery, and equipment. Builder’s Risk insurance protects against risks like fire, theft, vandalism, and natural disasters during the construction process.
- Marine Cargo Liability Insurance: Marine cargo liability insurance covers liabilities associated with the transportation of goods by sea. It provides coverage for legal liabilities arising from damage or loss to cargo while in the care, custody, and control of the insured party. This coverage is typically purchased by freight forwarders, logistics companies, or businesses involved in the movement of goods by sea.
- Marine Professional Liability Insurance: Marine professional liability insurance covers liabilities arising from errors, omissions, or negligence in providing professional services in the maritime industry. It is relevant for professionals such as marine surveyors, maritime consultants, naval architects, or marine engineers.