A wide range of international businesses uses ocean marine insurance coverage if their assets are transported via container ships, ferries, tankers, and cargo vessels. Others who need this insurance include contractors, terminal operators, and ship repair teams.
A vessel with a faulty radio communication system may crash into another vessel and damage cargo.
Ocean marine insurance isn’t an option for owners of passenger ships. Many of these policies only cover items when they are transferred by sea, so you may need additional coverage for land transport.
This rule allows ship officials to throw the cargo overboard during a storm or some other emergency. Under this principle, each individual on board contributes to replacing lost cargo.
ome of the key factors that affect cost include the value of goods being shipped, routing risks, and coverage limits.
Premier Risk, LLC has been a family business since 1986 that resolves personal insurance and business insurance needs.