As goods make their way across the sea, it can be very difficult to keep them safe. Moving cargo across the ocean comes with many risks, which is why marine shipping insurance is so important. Keep reading to learn more about why marine shipping insurance is right for your organization.
What is marine shipping insurance?
Marine shipping insurance is more commonly known as cargo insurance and is one of the oldest types of insurance in existence. It is designed to protect policyholders from the risks and challenges that come with shipping goods across the globe by sea, but can also cover movement of goods by land and air too. Marine shipping insurance can usually be purchased to protect goods travelling in both domestic and international waters and for incoming and outgoing goods.
What are the various types of marine insurance?
There are many types of “marine” insurance products which is a category of insurance which includes various types of policies including, but not limited to:
- Marine Liability: Marine liability coverage provides liability coverage for several marine occupations, such as terminal operators, wharfingers, ship repairers, charterers, inspectors of vessels, contractors with marine exposure, and more.
- Inland Marine Insurance: Inland marine insurance coverage options range from builder’s risk insurance to protection for customs brokers, international freight forwarders, and more. It effectively is insurance that is often added to property insurance policies to cover property being shipped/move on land.
- Protection and Indemnity: is effectively liability insurance for vessels.
- Hull & Machinery Insurance: This type of insurance protects against vessels from physical damage. Effectively marine “property” insurance.
- Marine Cargo Insurance: Marine cargo insurance protects against loss or damage to cargo and can range from basic to all-risk coverage and can include shipments by land and air too.
Who is marine shipping insurance right for?
Marine shipping insurance is well suited to those who are shipping in excess of $1,000,000 of goods annually and relying on common carriers and their very restrictive $2/lb insurance that they throw in.
What happens if I don’t have marine shipping insurance?
If you do not have marine shipping/cargo insurance and something goes wrong at sea, you could be held financially responsible for the lost or damaged goods or get a measly $2/lb for your goods.
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