What is Marine Insurance?
Marine insurance is a general term that covers various forms of insurance policies relating to the shipping and transportation of cargo via air and waterways. This includes cargo, inland marine, and hull and protection insurance. Outside of these areas, marine insurance can also boats, planes, warehouses, and other types of locations that are used to store items. If you are in the transportation industry, or just a boat owner, then marine insurance is something that you should invest in. Trust in our insurance brokers to find a policy that suites you and your unique situation.
Marine Insurance is broken down in multiple policies including:
Ocean Marine Insurance
An ocean marine insurance policy insures you against cargo damage that may occur when transporting materials. This type of insurance is geared towards exporters, importers, freight forwarders, and manufacturers.
One aspect of the import and exporting business is the storage of materials until they can be transported. Investing in warehouse coverage protects you from unforeseen circumstances. Coverage includes the insurance of tools, equipment, and moving vehicles like hand trucks and forklifts.
Marine Contractors Insurance
In the event that business property is loss, broken, or stolen, business property insurance can help replace your equipment. This includes inventory, computers, tools, car/trucks, and any other property pivotal to the operation of your business.
Transportation coverage insures marine based vehicles that are used to get people from one place to another. From ferries and barges to police and emergency boats, marine transportation coverage protects you from property damage, as well as any cost incurred as result of business interruption.
Inland Marine Insurance
Not all supplies and products are transported over sea, which is where inland marine insurance comes into play. Inland marine coverage insures your equipment as they are transported over land.