The importance of the maritime shipping industry to the international economy cannot be overstated, but the hazards of international shipping remain considerable. Despite massive improvements in seafaring technology, ships at sea still face countless dangers as they transport cargo to their given destination. With upheavals like the Covid-19 pandemic, supply chain disruptions, and the ongoing possibility of lockdowns, these potential disturbances remain omnipresent.
Ocean marine insurance is essential in protecting cargo at sea, and a necessity for any business with ships on the water. Read on to learn a little bit more about this type of insurance.
What Is Ocean Marine Insurance?
Ocean marine insurance is designed to protect ships while they are out on the open water. Policies will vary depending on your needs, but they may include:
- Damage protection in the event of a collision or another incident
- Liability coverage for accidents that can occur on the water, including environmental liability coverage, as well as general liability coverage
A given company may need more or less coverage, depending on the specifics of its operation. Speaking to an insurer with experience with ocean marine insurance can offer peace of mind and the stability in knowing that your ships on the water are well-protected.