Protect Your Business from the Risks of Ocean Marine Shipping with Cargo Insurance.
Ocean Marine/Marine Cargo Insurance is an important form of insurance for small businesses who need to protect their assets while transporting goods by sea. There are many risks associated with shipping, such as damage and loss of cargo, liability for the ship owner and third parties, the risk of piracy, stowaways onboard and potential terrorism threats. It’s essential that small businesses assess their risk profile and find the right type of insurance coverage for them.
Ship owners are held responsible for any losses related to their operation, regardless of fault or responsibility. Any serious issues can result in large costs to them if they do not have appropriate insurance coverage in place. This includes civil liabilities for claims from others impacted by the shipping operation, as well as criminal penalties in some cases. It’s important that all ship operators have marine cargo insurance to cover these liabilities.
Cargo Loss & Damage
Cargo can be lost or damaged due to a variety of causes while being shipped on the open seas – fire, explosion, windstorms or accidents. In these situations a claim can be made under a marine cargo policy if it has been taken out correctly and provides adequate protection against such losses.
Hull & Machinery Insurance
If disasters occur while operating ships or vessels at sea, it’s vital that proper hull & machinery insurance is taken out in case there is any damage done to the actual vessel itself; this may include repair expenses for fires, explosions or collisions with other ships/floating objects etc.
Risk of Piracy & Stowaways
Piracy is still common in some parts of the world and could result in serious financial loss if goods are hijacked en route from one port to another. Additionally stowaways may attempt to board vessels without authorisation which could also lead to large financial costs or losses due to theft or injury caused onboard during an attempted boarding of the vessel. Having adequate maritime security measures in place is essential but even those cannot guarantee complete safety so having an ocean marine policy in place will provide some protection against these risks should they happen unexpectedly.
Maritime Terrorism Coverage
Since 9/11 there has been increased emphasis placed on insuring against potential acts of maritime terrorism which are unfortunately becoming increasingly common around the world today. A terrorist act may involve hijacking a vessel or destroying buildings near ports; both fully insured under good ocean marine policies that take into account past events from around the world and provide reliable protection against future potential attacks on business properties at sea or elsewhere near shorelines where maritime activities occur regularly..
In conclusion, marine cargo/ocean marine insurance is an essential requirement for small businesses who operate vessels at sea transporting goods between ports globally as it provides protection against many different types of losses related directly with shipping activities including but not limited to those outlined above: ship-owners liability; cargo loss & damage; hull & machinery insurance; risk of piracy & stowaways and maritime terrorism coverage. Without this coverage companies would be exposed to huge financial risks which no business should ever be put through unnecessarily!