Marine insurance is a form of commercial property and casualty insurance that covers cargo losses or damage caused to ships, terminals, and goods in transit. This type of coverage does not necessarily only pertain to goods transported by water, but any commercial products in transit, whether by boat or land vehicle. There are three main types of marine insurance: marine liability, cargo insurance, and hull insurance.
Marine Liability Insurance
Sometimes called P&I or protection and indemnity, marine liability is specifically for risks faced during transport by water. The policy, such as from an insurance agency Easton MA, includes coverage for injuries, illnesses or even death caused by vessel operation. Some other losses this insurance might cover include medical payments, damage to other property and vessels, and unforeseen business closure because of natural disasters or quarantine.
Cargo Insurance
During shipping, cargo coverage provides protection from losses or physical damages to your cargo. Cargo can be transported by any means over land and water. These policies may also protect the holder from other losses depending on the specific risks commonly faced in that industry.
Hull Insurance
The marine hull coverage protects a ship from damages when it collides with other objects, such as docks, pilings, ships in dock, or rocks. The coverage can include any kind of commercial watercraft, oil rigs, or floating equipment. For marine inspection dallas tx contact here!
Vehicles that are transporting goods by land are usually covered through a commercial business policy and not a marine policy. However, the goods being transported may benefit from a cargo insurance policy, especially if the goods use multiple means of transportation to reach their destination.
Marine insurance coverage options can be highly tailored to specific industries and types of transportation. A variety of policies are available depending on the method of transport and the commercial goods being transported.
