Ocean Marine Insurance
Events like crashing into other ships or objects, pirate attacks, sinking, fire, capsizing, bad weather, etc. can cause significant damage to your cargo ship, cargo containers, the properties in the ship, and the crew members. To get protection against such risks, expenses, and losses, ocean marine insurance provides various types of coverages. Ocean marine insurance covers the property in marine transport across both foreign and domestic waters, and the property in all the stages in the shipment, such as land or air transit associated with the marine shipment. The coverage available in ocean marine insurance policy are hull and machinery coverage, protection and indemnity insurance, marine genera liability insurance, ocean cargo insurance, and ocean freight insurance. It also has some exclusions in it. The policy doesnu2019t cover passenger ships, employee strikes, civil rights, or commotions, war or war-like incidents, cost of parts for repair, losses from shipping delays, willful misconduct, and ordinary wear and tear. The factors that impact the price of ocean marine insurance are claim history, INCOTERMs, route risk, destination risk, vessel type and construction, nature of goods, and policy conditions. To learn more about ocean marine insurance, follow this link: https://quotezebra.com/ocean-marine-insurance/.
248 views • 15 slides
