Ocean Marine Insurance
Presented by Michael Regan
The cousin to “inland” marine insurance is “ocean” marine insurance; which is insurance that protects goods and vessels in waterways and oceans around the world.
The following are examples of available coverages:
- Hull insurance to cover loss to the vessel itself
- Freight insurance to cover loss to cargo
- Protection & Indemnity (P&I) which provides owners of vessels liability coverage for damage to property of others or bodily injury to others
Bluewater coverage is for ocean going risks and brown water coverage is for risks on lakes and rivers.
Some examples of commercial ocean marine risks are: cargo vessels, tug boats, marinas, and offshore drilling rigs.
An example of personal ocean marine risk is personal watercraft, including sailboats, yachts and wave runners.
Ocean marine insurance is an integral part of international trade. It is believed that the insuring of vessels and cargo began back with the Phoenicians around 100 BC.
The term “underwriter” began at a London coffehouse owned by Edward Lloyd. Individuals willing to insure vessels and cargo would write their names under the vessel’s name.
At Cleary, we will evaluate your business exposures and work with you to develop a comprehensive plan to safeguard your business. Give us a call today at 617-723-0700.