Ocean Marine Insurance is a specialized type of insurance that offers
coverage for various maritime risks and losses associated with the
transportation of goods, vessels, and other property across oceans and
seas. It provides protection to shipowners, cargo owners, and other
parties involved in maritime trade and transport.
Key features of Ocean Marine Insurance include:
This covers physical damage to the ship or vessel itself. It includes
protection against risks like collisions, grounding,
sinking, and other perils.
This covers the goods being transported by sea, protecting against
potential losses or damage during transit. Cargo insurance is
often purchased by shippers to safeguard their valuable shipments.
This covers the revenue that would have been earned from the shipment
if it is lost or damaged during transit.
Provides coverage for legal liabilities that may arise from maritime
operations, including damage to other ships, property, or people.
Protection and Indemnity (P&I) Insurance:
This covers a range of liabilities not covered by standard marine liability
policies, such as crew injuries, pollution, and certain legal liabilities.
War and Piracy Risks:
Specialized coverage for situations involving war, acts of piracy,
and other hostile actions that may impact maritime operations
A principle of maritime law where all parties involved in a voyage
share in the costs if there's a deliberate sacrifice of property
to save the ship or cargo.
Marine Builder's Risk:
Coverage for vessels under construction, repair, or modification.
Ocean Marine Insurance is vital for global trade, as it helps manage the risks
associated with shipping goods across vast oceans, often through unpredictable
weather conditions and potential hazards. It provides financial protection
and peace of mind to the various stakeholders in the maritime industry,
ensuring that they can recover from unexpected losses and
continue their operations.