Ocean Marine Insurance Policy: How does it work?

Ocean Marine Insurance Policy: How does it work?

Ocean Marine Insurance Policy: How does it work? Do you need an ocean marine insurance policy for your business? Then, here are all you need to know about it.

Related to Ocean Marine Insurance Policy: How does it work? are the types of ocean marine insurance with examples. Also are what ocean marine insurance policy covers. Then are ocean marine cargo insurance and types of cargo coverage in ocean marine insurance. How about types of marine insurance, inland marine insurance and progressive marine insurance.

Cessummit insurance info:

Here are how you get expert tips at cessummit.com to take your business to the next level. Therefore, read, understand and follow the handful of strategic ways to grow your business. They are hot, profitable and untapped business growth ideas. Ocean Marine Insurance Policy: What about it? is one of such.

Therefore, in this article are covered; what is Ocean Marine Insurance and who Needs Ocean Marine Insurance Coverage? Furthermore, are why Do You Need Ocean Marine Insurance and Marine Insurance Meaning, Benefits, Types & Coverage. Therefore, read on.

Ocean Marine Insurance Policy: How does it work?

What is Ocean Marine Insurance?

This is a variety of coverages designed to protect the ship, cargo, passengers, and crew traveling around the world. This type of insurance provides coverage for the loss of or damage of ships, ocean cargo or terminals. It also covers any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Note also that ocean marine coverage can extend to land and air travel if it is an extension of your shipment.This is why ocean marine coverage is necessary for all working in international manufacturing and distribution businesses.

Who Needs Marine Insurance Coverage?

Furthermore, on Ocean Marine Insurance Policy: How does it work? Anyone who is an importer or exporters, fisherman, charters, etc. that transports goods via ocean Needs Marine Insurance Coverage. And if you are a shoreside operators you should also consider this policy. And infarct, all other related ancillary businesses like ship repairers, contractors, stevedores, wharfingers, and terminal operators Needs Marine Insurance Coverage.

Therefore, this insurance policy is necessary for all who own:

  • Container Ships
  • Yachts
  • Barges
  • Fishing boats
  • Ferries
  • Tugboats
  • Tankers
  • Sailing Charters
  • Oceanic Research Vessels
  • Cargo Vessels
  • RoRo Vessels

Ocean Marine Insurance Policy: How does it work?

Now, Why Do I Need Ocean Marine Insurance?

Now get through these examples of businesses involving transportation of goods on open waters and many risks faced. That is to illustrate to you, why you need ocean marine insurance cover for your business.

Example 1: If you own a shipping vessel traveling the Atlantic that losses cargo trying to skirt a hurricane—and ends up in the middle of the dangerous storm, you can make claims. That means the cargo operator can file a claim with the insurance company that provides their ocean cargo insurance to cover the losses that occurred.

In a second example, your ship is caught in a storm and you lose radio signal causing you damages. For instance, you collide with another vessel, causing severe damage to both hulls due to this lose of radio signal. Then, the hull coverage policy included in your ocean marine policy will cover the damage to both vessels.

In addition, if some of your employees re injured by falling cargo, the marine general liability portion of your policy will help pay to cover the medical expenses for their injuries.

In fact, the reality of fact on Ocean Marine Insurance Policy is on your obtaining adequate insurance protection for your business. That is what Ocean Marine Insurance Policy: How does it work? stands for.

What Does Ocean Marine Policy Cover?

As a matter of fact, ocean marine insurance policies always include hull coverage, cargo coverage, freight coverage, and legal liability insurance. Each protects your business from different risks.

Hull Insurance:

Hull insurance which most commonly include hull and machinery insurance is similar to collision coverage in a car insurance policy. This type of policy usually protects the vessel, permanently attached machinery, and any propulsion equipment from physical damage. The coverage may also include property damage to a third party if there is a collision at sea. In addition, re covered damages from fire, weather events, sinking/capsizing, piracy, barratry, or jettisoning. However, the normal wears and tears re not covered under this policy. Furthermore, there are most times two different types of policies. These are the blue water hull and brown water hull.

  • Blue water hull coverages ships that sail on large bodies of water.
  • While Brown water hull covers damage occurring while boats are traveling on inland waters close to shore.
  • On the other hand, Hull and machinery insurance protects your actual assets; the boat.

Marine Cargo Insurance:

This is also known as ocean cargo insurance. It provides coverage for legally transported goods on your vessel in both foreign or domestic waters. Policy begins from the moment goods are loaded onto your vessel and delivered to their final destination. Some insurance companies allow ocean cargo coverage to include protection for goods when:

Stored in a warehouse: This is for expected storage or an unexpected delay.
There is concealed damage to goods: Here damage may not be apparent upon delivery but is discovered once goods are fully inspected.
As a matter of fact, this type of policy normally includes coverage for loss of revenue due to the damage of goods or delay in arrival. Freight coverage is similar. This is because it protects the vessel owners in the case the cargo becomes damaged or lost in transit. Check out for Ocean Marine Insurance Policy: How does it work?

Marine General Liability Insurance:

Finally, on Ocean Marine Insurance Policy: How does it work? ocean marine liability insurance policy is also referred to as protection and indemnity coverage. This is because it indemnifies the owner of the ship against legal liability arising from bodily injury or property damage to those other than the owner of the vessel. So, the liability coverage includes those for illness, injury, or the death of crew and passengers. It may also cover liability claims arising from collisions, cleanup and removal of a wreck, and oil spills or pollution. This is similar to a general liability policy for business owners.

Ocean Marine Insurance Policy: How does it work?

Ocean Marine Insurance Policy: How does it work?

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