Ocean Marine Insurance

Ocean Marine cover will come in handy if you are in the business of:

• Marine Contracting
• Supply of marine services
• Marine transportation services
• Export/import of goods
• Fishing
• If you own any private seafaring vessel like a yacht

When it comes to Ocean Marine insurance, the products that are being haulled by the vessel are referred to as cargo. This could include anything from gasoline to toys to paper products to cars. Regardless of the value, or material it is made of, cargo is an all-encompassing word for the items being transported.

If there is an emergency and a ship needs to lighten a load, one thing that can help is to get rid of some of the cargo. In an emergency situation you will not have time to determine whose cargo it is, as you have to move quickly. Once the vessel has reached safety, the cargo will need to be replaced. General average is when everyone who has cargo on the vessel is called upon to contribute to the cargo that was thrown overboard. If you are one of the lucky ones that did not have any damaged or disposed of cargo, you may still have to help provide cargo to replace what was missing.

Marine insurance works just like any other type of insurance policy. It will cover the damages related to a covered loss to a vessel, the cargo, and liability associated with it.

Passenger Ships Passenger ships, such as ferries, are not included in this coverage.

Cargo that is not in transit on a water-bound vessel Cargo that is not in transit on a water-bound vessel unless specified by the policy.

Temporary storage Temporary storage is not covered by this policy (unless agreed to by both parties).

Employee strikes, civil riots or commotions Employee strikes, civil riots and commotions are not included in Ocean Marine insurance.

War Ocean Marine Insurance does not apply if the damage is caused by incidents of war.

Cost of parts for repair Ocean Marine insurance does not cover cost of parts for repair.

Losses from shipping delays Any loss from shipping delays is not included in this coverage.

The limits on your policy would depend on the terms if each policy. However, the factors that are considered when assessing the limits of this type of insurance include:

• Value of the goods
• Type of products (toxic, valuable, dangerous)
• The route to take and other potential hazards from start to destination
• Generally speaking, the limit of this insurance type will be based on the valuation formula of the provider on the cargo.

Your Business Ocean marine insurance protects your business by providing cargo coverage, liability, and coverage for the vessel you are using to transport the goods. Because your business relies on your vessel and the cargo, these are essential coverages to have.

Your Vendors Of course, you have to get your products from somewhere. And sometimes your vendors will require that you provide their first line of defense if you should be at fault in an accident or be negligent. This not only includes your vendors from which you obtain your products, but also those who you may rent or lease equipment from, including your vessel.

Anyone You Enter into a Contract With Often, you will be a party of a contract where the other party requires you to indemnify them. To be able to indemnify another party, or make them financially whole again after a loss, you will need insurance coverage due to severity of claims.