Ocean Marine Insurance

Ocean marine cargo insurance

Shipping companies face a large amount of risk, making ocean marine insurance just as important as ever. Once strictly used in maritime industry, inland marine insurance is now primarily used as a way to fill in gaps in commercial property protection.

Today, ocean marine insurance is not just a single coverage, but actually a group of three coverages that address the primary areas of loss for vessel owners.

Ocean Marine Hull Coverage

Hull insurance provides coverage for physical damage to a vessel and any of its operating equipment and machinery. Any vessel, not just ocean-going commercial crafts, can benefit from the coverage. Tugboats, barges, other miscellaneous floating equipment and even some fixed properties, including offshore oilrigs and similar installations, are all candidates for hull insurance.

Ocean Marine Cargo Coverage

Cargo that is waterborne during any part of the shipment process can be covered for physical damage by an ocean marine cargo policy. Some policies may also offer protection from theft and other forms of loss besides just physical damage. Policies can be taken out for individual shipments or, in the case of open policies, can cover any and all shipments made during the policy period.

Ocean Marine Liability Coverage

Marine liability is most commonly known as protection and indemnity, or P&I, Coverage. It covers the wide variety of third-party liabilities that an owner is exposed to during a vessel’s operation. Some things covered by P&I include:

  • Injury, illness or loss of life caused by a vessel’s operation
  • Medical expenses relating to any injury, illness or loss of life
  • Damage to other vessels or property caused by collision
  • Damage to other vessels or property caused by incidents other than collision
  • Wreck cleanup and removal
  • Damage to cargo in certain situations
  • Expenses resulting from quarantine
  • Count on the Ocean Marine Insurance Experts

Call ERM Insurance Brokers today at (949) 222-0444 to learn more about how ocean marine insurance can be used to protect your commercial vessels. We have the expertise to help you to mitigate your risks and protect your bottom line.