Ocean Marine Insurance for Transportation Risks

What Is Ocean Marine Insurance?

Ocean marine insurance protects businesses involved in transporting goods over water or facilitating marine commerce. Despite its name, this coverage extends beyond ocean vessels to include inland waterways and land-based transportation connecting to marine shipments. It covers cargo, vessels, terminals, and liability exposures unique to marine transportation and logistics operations.

Why You Need Ocean Marine Insurance

• Standard property insurance excludes goods in transit over water
• Carriers limit their liability for cargo loss or damage
• Marine transportation involves unique perils and high values
• Protects your investment in shipped goods from origin to destination
• Covers legal liability for damage to vessels, docks, or other property
• International shipments require comprehensive marine coverage

Types of Ocean Marine Coverage

Cargo insurance protects goods while being transported by ship, truck, rail, or air. Hull insurance covers physical damage to vessels and boats. Protection and indemnity coverage provides liability protection for vessel operators. Marine general liability covers businesses like stevedores, terminal operators, and marine contractors. Freight forwarder liability protects logistics companies arranging transportation.

Understanding Cargo Insurance

If you import or export goods, cargo insurance protects your shipment from numerous perils. Coverage typically extends from warehouse to warehouse, protecting goods during loading, ocean or air transit, and delivery. Policies cover physical loss or damage from storms, vessel sinking, theft, contamination, and other transportation hazards.

Marine Liability Exposures

Businesses involved in marine operations face unique liability risks. You could damage vessels, docks, or terminals while loading or unloading cargo. Cargo you handle might damage other property. Vessel operators face liability for injuries to passengers or crew, environmental pollution, and salvage costs. Ocean marine insurance addresses these specialized exposures.

Who Needs Ocean Marine Insurance?

Importers and exporters shipping goods internationally need cargo insurance. Vessel owners require hull coverage and protection and indemnity insurance. Freight forwarders, customs brokers, and logistics companies need marine liability coverage. Terminal operators, stevedores, and marine contractors face unique exposures requiring specialized marine policies. Any business transporting valuable goods over water should consider this coverage.