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Ocean Marine Insurance

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What is Ocean Marine Insurance?

With thousands of cargo ships traveling the world daily, the risk of lost or damaged cargo is a very real scenario. Business losses could amount to millions of dollars.

Ocean marine insurance protects your products and merchandise on board maritime boats while they are in transit. Other modes of transportation, such as land or air, are also covered by marine insurance coverage.

Ocean Marine Insurance provides you with the funds to help you recover from the losses of missing, sunk, or damaged cargo.

What Ocean Marine Insurance Is All About:

NEW - DESKTOP - Infographic - Ocean Marine Insurance@2x

What Does Ocean Marine Insurance Cover?

FAQs on Ocean Marine Insurance

Do I Need Ocean Marine Cover?

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

What are the advantages of CoverWallet’s Ocean Marine Insurance?

Industry leader you can trust With a wide variety of maritime product options, CoverWallet is a dominant supplier of Ocean Marine insurance in the United States.

Customized policy for your small business CoverWallet’s Ocean Marine Insurance coverage may be customized to handle your company's specific risks, giving you the peace of mind you need in the event of a tragic loss.

For Importers and Exporters CoverWallet marine liability coverages range from ocean cargo insurance for importers and exporters to insurance for marine contractors and owners of pleasure vessels. They can also contain a "excess policy" or a bumbershoot marine umbrella policy.

How Much Does Ocean Marine Insurance Cost?

The cost of your Ocean Marine Insurance policy from CoverWallet will based on a number of factors, including:

  • Your exposure to loss.
  • Your route risk.
  • Your destination risk.
  • The value of your cargo.
  • Your company's experience.

CoverWallet's rates are linked to policies that cover shipments made or imports received from numerous locations and their destinations. Example:

  • Shipments to the United Kingdom might be assessed at 11 cents for $100 of valuation.
  • Shipments to Italy via Italian Mediterranean ports east of Sicily: 12 cents per $100 of valuation.
  • Shipments to Adriatic ports: 25 cents per $100 of valuation.
  • Shipments to to Cape Town, Johannesburg, Port Elizabeth, Durban, and Natal: 35 cents per $100 of valuation.
  • Different rates are set for different commodities, depending on how vulnerable they are to loss.

To find out how much your Ocean Marine Insurance policy from CoverWallet will cost, get a free quote by clicking on the orange button.

What does cargo mean in Ocean Marine?

When it comes to Ocean Marine insurance, the products that are being hauled 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.

What is general average and why would I incur costs if my goods are not damaged?

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.

How does marine insurance work?

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.

What Does Ocean Marine Insurance Not Cover?

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.

What Are the “Limits” on an Ocean Marine Policy?

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.

Who is covered by Ocean Marine Insurance?

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.

Are You Ready to Get Covered?

Prefer to speak with a CoverWallet consultant? Call(646) 844-9933