Ocean Marine Insurance

Published: | Updated: January 9, 2018

Definition - What does Ocean Marine Insurance mean?

Ocean marine insurance is insurance that covers a number of different risks associated with the transportation of goods across the ocean. It is common for ocean marine insurance to cover the vessel itself, or the hull, the cargo, the revenue that the shipping company stands to make, and liabilities associated with shipping.

Insuranceopedia explains Ocean Marine Insurance

There are a number of perils that can cause losses for shipping companies if they occur. For example, crashing into objects or other ships at sea, striking coral reefs, piracy, and bad weather are just some of the many perils associated with shipping by sea. A good ocean marine insurance policy can help protect shipping companies from the vast majority of such perils. However, many ocean marine insurance policies may have exclusions for things such as general wear and tear, or mold.

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