What Is Ocean Marine Insurance?
It is a type of transit insurance which protects goods and merchandise that are being transported by vessels over foreign or domestic water. It also involves coverages for damages sustained by the vessels during shipments.
Depending upon the insured entity or companies requirements, ocean marine insurance can undergo the form of a number of distinct contracts. The insurance policy promises protection against all sorts of risks.
Coverages by Ocean Marine Insurance
This type of insurance policy provides protection against a wide array of damages that may occur during the course of shipment. These may encompass perils of the nautical journey such as:
1. Collision with icebergs or another vessel
2. High waves
4. Ship hull failure
It also encompasses damages or harm caused by jettison, pirates, and barratry which is a fraudulent breach by the ship’s owner that includes embezzling the cargo, deserting or stealing the ship.
Some of the most popular coverages included in ocean marine insurance policies are:
Cargo Insurance Coverages
This type of insurance compensates the shipper of the merchandise/goods if damages have been sustained. The cargo can be insured in