Ocean Marine Insurance Bared
Ocean marine insurance covers material goods damage and liability to both cargo being shipped and the vessels containing them. The coverage can be divided into commercial and personal lines. Ocean marine insurance consists of several types of coverage.
Cargo policies cover loss or damage to goods being shipped, while hull policies cover vessels shipping the goods. There are two types of hull coverage: blue water hull, pertaining to maritime vessels, and brown water hull, which covers ships and boats on rivers and lakes. Different lines of ocean marine coverage appeal to different customers; importers and exporters usually buy cargo policies, while ship holders more frequently obtain hull and liability insurance.