Ocean Marine Insurance

Cargo ships can be damaged by various events like crashing into other ships or objects, sinking, pirate attacks, fire, bad weather, capsizing, etc. Not only your ship, but also the cargo containers, the properties in the ship, and the crew members can be damaged. To get protection against such expenses, losses, and risks, ocean marine insurance offers different types of coverages.
Ocean marine insurance protects the property in marine transport across both domestic and foreign waters, and the property in all the stages of shipment, whether inland or air transit associated with the marine shipment.
The types of coverage available in ocean marine insurance policy are:
1. Hull and machinery coverage,
2. Protection and indemnity insurance
3. Marine general liability insurance
4. Ocean cargo insurance
5. Ocean freight insurance.

Some exclusions in this insurance policy are:
1. Passenger ships
2. Employee strikes, civil rights, or commotions
3. War or war-like incidents
4. Cost of parts for repair
5. Losses from shipping delays
6. Willful misconduct
7. Ordinary wear and tear

The price of ocean marine insurance is affected by various factors like:
1. Claim history
2. INCOTERMs
3. Route risk
4. Destination risk
5. Vessel’s type and construction
6. Nature of goods
7. Policy conditions

To learn more about ocean marine insurance, follow this link: https://quotezebra.com/ocean-marine-insurance/