Shipping is a cost-effective method of moving goods across vast distances, but shipping across oceans comes with inherent risks. One way that Massachusetts businesses might be able to protect their cargo when shipping overseas is by purchasing ocean marine insurance.
Ocean marine insurance is specialized commercial insurance for when goods are shipped overseas. Coverage is available for many different types of cargo.
Many Massachusetts businesses that ship goods overseas can benefit from ocean marine cargo insurance. This is often the most efficient and effective way to insure containers and other loads of goods.
The following are some examples of businesses that may ship overseas, and thus want a policy:
Communications companies that lay and/or maintain underwater cables may also benefit from the protections that this insurance affords.
Cruise ships too may need the protections that ocean marine offers, but they typically need many other protections as well. An insurance policy that contains ocean marine alongside other coverages is likely more suitable for cruise lines.
An insurance agent who specializes in ocean marine cargo insurance can help businesses determine whether this insurance indeed does make sense for them to purchase.
Ocean marine cargo policies often specify their protections through a few different coverages:
Most policies allow businesses to adjust these insurance coverages as is appropriate for their situation. For instance, businesses that don’t own or operate a ship can usually forgo machinery and hull coverage. A knowledgeable insurance agent can assist with selecting coverages.
Both ocean marine cargo coverage and inland marine cargo coverage generally protect goods while they’re being transported, but differ in when their protections apply.
Ocean marine is generally intended for when goods are shipped across oceans or between continents. Inland marine is generally for when goods are shipped within a country or continent. The nomenclature for both coverages stems from when waterways were the fastest way to ship goods.
Ocean marine coverage is primarily intended to provide coverage while goods are aboard containers or other ocean-going ships, but some policies do offer ancillary protections.
Policies sometimes also cover driving goods between the port and a storage facility, storing goods at the port and transporting goods via plane. An experienced insurance agent can help businesses that need these ancillary protections check whether a particular policy provides the protections.
For help comparing ocean marine insurance options, contact the independent insurance agents at Garrity Insurance. Our agents can assist with many types of commercial insurance, including ocean marine coverage, and we can show you policy options from several insurance companies that offer policies in Massachusetts. We’ll work closely with you to make sure that your business finds the ocean marine coverage it needs.