What is Ocean Marine Insurance?
Ocean marine contracts are written to cover four major types of property interest:
- The vessel or hull
- The cargo
- The freight revenue to be received by the ship owner
- Legal liability for negligence of the shipper or the carrier
What does it protect?
This coverage is designed to protect shipments of goods in foreign trade, particularly exported or imported by an ocean vessel or as air cargo
How does it work?
Ocean cargo provides broad coverage that includes damages caused by stranding, sinking, fire, collision, theft, and severe weather. It automatically covers goods shipped by air or sea, from the start of the shipment from the warehouse to the destination point as well as the transits by rail and trucks used between the two points. Optional coverages are also available to protect against damage or loss to your property that results from collision, loading and unloading, and mechanical breakdown.