What’s Covered in Ocean Marine Liability Insurance?
Ocean marine liability insurance covers owners/operators of sea-fearing vessels and ocean and marine installations from all sorts of potential liability risks 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 coverage options for operations within the marine industry.
What Does Ocean Marine Hull Insurance Cover?
Also referred to as Hull and Machinery insurance, ocean marine hull insurance can cover marine risks associated with the following hull types:
- Barges
- Container ships
- Charter vessels
- Fishing boats
- Ferries
- Tankers
- Tugboats
- Yachts
- Commercial vessels
Additionally, ocean marine hull insurance covers 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?
Insurance for ocean marine cargo protects you from potential liability for property damage and possibly loss and theft of cargo that’s 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 in goods 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 protects the ocean vessel owner and operators, including terminal operators, ship repairers, marine contractors, and more, from several sources of potential liability. This coverage is more commonly referred to as Protection and Indemnity Coverage. Some of the scenarios that ocean marine liability insurance and protection indemnity covers include:
- Bodily injury, illness, and death onboard a vessel experienced by passengers, staff and/or crew. Ocean marine liability insurance can cover medical expenses and defence coverage for related lawsuits.
- Ocean marine general liability insurance coverage can protect you from paying for third-party property damage or legal fees for lawsuits based on a collision if you or your operator are considered at fault. Ocean marine coverage can be provided for collisions with other vessels, 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 marine liability insurance quote in minutes, or get started now by using our online tool.
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