The marine industry is complex and unique and there are a variety of risks you face that have the potential to literally sink your business. In order to properly cover yourself, purchasing marine insurance could be your best bet.
What is Marine Insurance?
Marine insurance provides coverage for damage caused to ships, terminals, cargo vessels, and other forms of water transportation. This type of insurance also covers cargo damage or losses.
Benefits of Marine Insurance
When it comes to transporting goods by water, there are a number of risks to consider. Weather hazards, cross border conflicts, and pirate encounters are all common occurrences. If one of these situations arises, it can result in a significant amount of financial hardship for you and your business. A marine insurance policy can provide you with the coverage you need to defend against possible losses.
Types of Marine Insurance
Within the more broad category of marine insurance, there are three types of marine insurance that provide protection for various different things.
- Hull Insurance
- Cargo Insurance
- Marine Liability Insurance
Hull insurance provides protection against physical damages to your boat and its equipment. Cargo insurance guarantees coverage for any damage that your cargo receives. It can also protect you in the case of stolen cargo. Finally, marine liability insurance offers protection for injuries, illnesses, and loss of life that occurs while operating a vessel.
There is a lot to consider when you are in the ocean marine industry. Having the right kind of insurance can make all the difference.