Ocean Marine Insurance

What Does Ocean Marine Insurance Mean?

Ocean marine insurance provides coverage for various risks associated with the transportation of goods across oceans. It typically includes protection for the vessel (hull insurance), the cargo being transported, the shipping company’s potential revenue (freight insurance), and liabilities arising from shipping operations.

Insuranceopedia Explains Ocean Marine Insurance

Shipping companies face numerous perils that can result in significant losses, such as collisions with objects or other vessels, running aground on coral reefs, piracy, and adverse weather conditions. A comprehensive ocean marine insurance policy can safeguard against most of these risks. However, many policies include exclusions for issues like general wear and tear or mold.