Marine Risks
Ocean Marine Insurance is one of the oldest types of coverage in the world, originating in the 1600s to protect merchants from the heavy losses associated with dangerous shipping ventures. While some risks have evolved, vessel owners today still face significant challenges, making Ocean Marine Insurance as crucial as ever.
Over the years, Ocean Marine Insurance has expanded to provide comprehensive loss protection. This has led to the development of related coverages, such as Inland Marine Insurance, primarily used to fill gaps in commercial property protection. Today, Ocean Marine Insurance comprises three main coverages addressing the primary areas of loss for vessel owners.
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Coverage Options
Ocean Marine Hull Coverage
Hull insurance provides coverage for physical damage to a vessel and any of its operating equipment and machinery. This coverage is essential not just for ocean-going commercial crafts, but also for tugboats, barges, other floating equipment, and some fixed properties, including offshore oil rigs and similar installations.
Ocean Marine Cargo Coverage
Cargo that is waterborne during any part of the shipment process can be covered for physical damage by an Ocean Marine Cargo policy. This coverage can also protect against theft and other forms of loss beyond physical damage. Policies can be taken out for individual shipments or, in the case of open policies, can cover any and all shipments made during the policy period.
Ocean Marine Liability Coverage
Marine liability, commonly known as Protection and Indemnity (P&I) Coverage, covers a wide variety of third-party liabilities that vessel owners are exposed to during a vessel’s operation. P&I coverage includes:
- Injury, illness, or loss of life caused by a vessel’s operation
- Medical expenses related to any injury, illness, or loss of life
- Damage to other vessels or property caused by collision
- Damage to other vessels or property caused by incidents other than collision
- Wreck cleanup and removal
- Damage to cargo in certain situations
- Expenses resulting from quarantine
Why Insure Your Marine Risks?
Marine operations involve significant risks, from physical damage to vessels and cargo to third-party liabilities arising from accidents and collisions. Comprehensive Ocean Marine Insurance protects your assets, mitigates financial losses, and ensures business continuity. Whether you are transporting cargo or operating offshore installations, having the right insurance coverage is crucial to safeguarding your operations and maintaining your bottom line.
Who Needs Marine Risks Insurance?
Marine Risks Insurance is essential for:
Commercial vessel owners
Tugboat operators
Barge operators
Offshore oil rig operators
Owners of other miscellaneous floating equipment
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Count on the Ocean Marine Insurance Professionals
Consult KRGinsure today to learn more about how Ocean Marine Insurance can be used to protect your commercial vessels. Our expertise will help you mitigate your risks and protect your bottom line.