Ocean marine insurance is a type of transportation insurance which is intended to protect goods that are transported on the water.
It covers a large range of causes of loss, usually o a named peril basis, including sea perils like collision, stranding, high waves, loss or damage caused by pirates, jettison, or fire.
Marine insurance can cover the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Ocean marine insurance can take the form of a number of different contracts, depending on the requirements of the insured.
Cargo insurance covers the shipper of goods or cargo in the event that the cargo has been damaged or lost.
Freight insurance protects the ship owner in case the cargo becomes damaged or lost.
Hull insurance is best described as resembling collision coverage in a car insurance policy. It provides coverage against against damage to the ship or other vessel. There is a deductible that goes along with hull insurance.
Hull insurance has an extra coverage, known as collision liability coverage which provides protection for ship owners in the event that their vessel causes damage to another vessel and its cargo, if necessary. This clause does not cover bodily injury liability.
Protection and Indemnity Insurance
Protection and indemnity insurance indemnifies the owner of the ship against liability arising from bodily injury or property damage to those other than the owner of the vessel.