Ocean marine liability insurance provides essential coverage for the numerous risks and perils at sea.
What’s Covered in Ocean Marine Liability Insurance?
Ocean marine liability insurance is designed to cover owners/operators of sea-fearing vessels and ocean and marine installations from all sorts of potential liability and losses. To do that, ocean marine liability insurance covers three main areas of marine operations:
- Ocean marine hull coverage
- Ocean marine cargo coverage
- Ocean marine liability coverage
Below are brief summaries of each.
What Does Ocean Marine Hull Insurance Cover?
Also referred to as Hull and Machinery insurance, ocean marine hull insurance can cover:
- Container ships
- Charter vessels
- Fishing boats
and other vessels as well as ocean marine equipment and fixed properties such as offshore drilling rigs for the costs to repair physical damage done to the body (or hull) as well as damage to machinery and operating equipment caused by fires, explosions, storms and tidal waves as well as other ocean marine perils.
What Does Ocean Marine Cargo Insurance Cover?
Ocean marine cargo coverage can protect you from potential liability for damage and possibly loss and theft of cargo being transported via ocean or other bodies of water. Ocean marine cargo coverage is flexible enough to be offered on single shipments for businesses that only make seasonal or sporadic shipments and as full policies for businesses that regularly ship goods over water. Ocean marine cargo insurance can cover the full cost of goods including lost profits resulting good being damaged or destroyed while in transit.
What Else Does Ocean Marine Liability Cover?
As part of our liability insurance package, ocean marine liability coverage provides protection for owners/operators of ocean vessels from several sources of potential liability and is more commonly referred to as Protection and Indemnity Coverage. Some of the scenarios that ocean marine liability insurance can provide coverage for include:
- Injury, illness and death onboard a vessel experienced by passengers, staff and/or crew. Ocean marine liability insurance can provide coverage for medical expenses and defence coverage for related lawsuits.
- Ocean marine liability insurance coverage can protect you from having to pay for damages or legal fees for lawsuits based on a collision if you or your operator is considered at-fault for a collision. Coverage can be provided for collisions with other vessels or with docks and other installations.
- Damage to cargo as a result of a collision
- Quarantine expenses and liability if an outbreak aboard a vessel forces passengers and/or crew to be quarantined
- Wreckage removal and cleanup costs if a vessel runs aground or is otherwise damaged and needs to be towed out of the water
- Pollution liability. Ocean marine liability insurance can provide coverage for cleanup costs as well as coverage for legal defence expenses in case your business is named in a lawsuit if your vessel is responsible for a spill
Get ALIGNED with the Right Ocean Marine Liability Insurance
Our commercial insurance specialists work with Canada’s top insurance companies to get you comprehensive ocean marine liability insurance at competitive rates. Contact an ALIGNED advocate for a free quote in minutes or get started now by using our online tool.
- Ocean Marine Insurance Explained
- Marine Cargo Insurance & Ocean Transit Insurance
- Inland Marine Insurance Explained
- Inland Marine Insurance Coverage: An Introduction
- Marine Hull and Machinery Insurance Brokers
- P&I: Marine Insurance Explained
- Hull and Machinery Insurance Explained
- What is Inland Marine Insurance?
- Shipbuilding and Ship Repair Legal Liability Insurance In Canada
- Control Risk with Ocean Cargo and Sea Freight Insurance
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