Ocean Marine Insurance is a collection of coverages that are designed to provide coverage for property being transported by vessels operating in both domestic and foreign waters and includes an inland or air transportation of the property. Ocean Marine also includes the lines of coverage for the vessels themselves.
Ocean Marine insurance can come in many day-to-day business operations that may not occur to the shipper or receiver. Any goods that are transported by air or ship outside the domestic borders requires that it be covered under an Ocean Marine policy, a standard property in-transit coverage policy will not respond to losses that occur outside the US borders. Also, items being shipped into the US from abroad should be covered under an Ocean Marine policy if the receiver is responsible for coverage.
Comments are closed.