Ocean Marine Insurance
Ocean marine encompasses a variety of insurance coverages that protect merchandise, goods, workers, passengers, and the crew aboard commercial vessels as well as cargo storage during marine transport.
Bridge Insurance Group has nearly two decades of experience in writing ocean marine coverages. We have the ability to access many marine markets available to get you the most appropriate coverage at the best price. Few agencies match the variety of insurance carriers that we provide to our clients.
WHAT IS OCEAN MARINE INSURANCE?
Ocean Marine insurance is generally intended to cover the transportation of goods by vessels crossing waters, including any inland or aviation transit involved with the shipment. Policies also generally encompass coverage for damage to the vessels involved in the shipments and legal liability arising during a shipment. These coverage types include:
- Cargo Insurance– Inland or ocean marine insurance covering property in transit.
- Hull Insurance– Marine insurance covering damage sustained to an insured vessel.
- Protection & Indemnity (P&I) Insurance for practically all maritime liability risks associated with the operation of a vessel, other than that covered under a workers compensation policy and under the collision clause in a hull policy. There is no standard P&I form with the specific terms and conditions for each insured tailored by underwriters based on the nature of the risk and the character and amount of insurance desired by the insured. Additionally note that since the P&I policy is essentially a contract of indemnity, the insurer is not obligated to pay unless the insured must actually pay the claim.
TYPES OF OCEAN MARINE INSURANCE WE OFFER
We offer solutions for anyone looking for the following:
Ocean Marine Insurance
Docks, Piers, and Wharfs Insurance
Protection, Indemnity, and Bumbershoot Insurance
More choices mean a better fit, appropriate coverage, and a lower price.
PROTECT YOUR GOODS WHILE THEY ARE AT SEA AND IN TRANSIT
CARGO VS. FREIGHT INSURANCE
It is particularly important for firms to ensure they are covered by adequate marine insurance when shipping their customer’s goods so that they can provide reassurance to their customers in the event of any accidents or damage.
Provides coverage for goods during shipment. Freight insurance can be purchased directly from a shipper or a third-party insurer. (It is sometimes called cargo insurance.)
Provides coverage against all risks of physical loss or damage to freight during the shipment from any external cause during shipping, whether by land, sea or air. Different types of cargo insurance policies are available for transporting goods by land, sea, or air.