How Ocean Marine Insurance Can Protect Your Business
Sailing the high seas may not be as dangerous as it once was, but it still poses a risk to your maritime business. Ocean marine insurance can serve as the foundation for your comprehensive business continuity strategy. If you source raw materials, distribute foreign manufactured goods, or sell goods overseas, having your business operations insured is crucial.
What is Ocean Marine Insurance?
Ocean marine insurance is designed to protect merchandise, goods, workers, passengers, and crews aboard shipping vessels and cargo storage during marine transport domestically or abroad. Business industries that fall into the category of ocean marine insurance include manufacturing, distribution, communication, energy, construction, and maritime.
Why You Need Ocean Marine Insurance
An important reason you need ocean marine insurance is to protect goods crossing international borders, including foreign or domestic overland transport connected to ocean shipment. Risks often arise when traveling the high seas with weather events such as hurricanes. Even worse, a fire could break out and sink your ship along with the valuable assets on board or machinery could breakdown causing your business operations to come to a standstill.
If you are in the global economy for manufacturing and distribution operations, having ocean marine insurance is necessary for protecting your assets.
Ocean Marine Insurance Coverage
Ocean marine insurance has grown over time to offer financial protection to many different owners of varying vessels. Today, the insurance addresses three major coverage areas of loss for vessel owners: cargo coverage, hull coverage, and liability coverage. The major types of vessels covered under these areas are:
- Container Ships
- Fishing Boats
- Barges
- Ferries
- Tugboats
- Yachts
- Tankers
- Sailing Charters
- Research Vessels
Final Thoughts from Schechner Lifson
Unique risks and liabilities are ever-present for ocean vessels and the valuable cargo they transport. Having your business insured with ocean marine insurance is crucial to providing financial protection from potential claims, lawsuits, and costly scenarios.
Does your business transport your goods or goods of others, domestically or internationally, on your own conveyance or via another person’s conveyance? If so, you need marine insurance. Contact Schechner Lifson to learn how we can protect your business with marine insurance today!