If you run a business in the marine industry, chances are that you could benefit from marine insurance. Marine insurance is a category of insurance coverage that is designed to offer protection from common sea/ocean related risks.
There are several different types of marine insurance that serve different purposes but three of them are far more common than the others. These three types of marine insurance are marine hull insurance, marine cargo insurance, and marine P&I (protection and indemnity) insurance.
Marine Hull Insurance
Marine hull insurance is designed to cover any physical damage that occurs to a vessel. This type of marine insurance can be broken down further into two different policies, “all-risk” and “named perils.” “All-risk” policies basically provide you with coverage that applies across the board while “named perils” only covers risks that are specified in the policy.
Marine Cargo Insurance
Marine cargo insurance covers goods that are lost or damaged while they are in transit. Goods are defined as in transit once they leave the origin warehouse and until they arrive at the destination.
Marine P&I Insurance
Marine P&I insurance addresses a variety of liability issues that can occur involving vessels. For example, imagine a situation where you accidentally injure a person while docking your boat. P&I insurance can cover their medical bills and any associated legal costs.
Running a business in the marine industry opens you up to unique risks. Marine industry can help.