Ocean Marine Insurance

When transporting goods over the water, it's important to not only have protection for your own ship, but also for everything else your ship may come into contact with, including other vessels. In case of a collision or other disaster, you don't want to be stranded without coverage. That's why ocean marine insurance is so important.

Fortunately an independent insurance agent can get you set up with the right ocean marine insurance for you. They'll also get you covered long before disaster strikes. But first, here's a deep dive into ocean marine insurance and what it covers.

What Is Ocean Marine Insurance?

Ocean marine insurance is a special type of policy designed to cover vessels that ship or transport goods over water. Coverage is similar to auto insurance in that it provides coverage for what happens to the vessel, as well as damage caused by the vessel. Policies can also cover pollution, but you'll want to work with an independent insurance agent to get set up with the right coverage for your needs.

What Does Ocean Marine Insurance Cover?

According to insurance expert Paul Martin, if you're operating a boat that's less than 30 feet in length, you might opt to get a watercraft insurance policy. But ocean marine insurance is designed for larger ships that transport goods across the ocean. Coverage often includes the following at its core:

• Protection and indemnity: Known as P&I insurance, this coverage protects marine operators against lawsuits filed by third parties for claims of bodily injury or property damage on or by your ship.
• Hull and machinery: Known as H&M insurance, this coverage protects the ship's hull, equipment, and machinery against numerous disasters from collisions to fire and more.

An independent insurance agent can further explain the basic protections included in most ocean marine insurance policies.

Additional Types of Ocean Marine Coverages

Besides the basic protections provided in ocean marine insurance, there are several other types of protection that may already be included, or that you may have to request to add on. Here are the three most common types of ocean marine coverages:

• Marine pollution insurance: Covers pollution caused by the ship, including oil spills and more.
• Marine liability insurance: Covers lawsuits for many types of marine businesses like boat rental companies, boat dealers, and more.
• Marine cargo insurance: Covers disasters that cause damage to products being transported on ships, or stored in a warehouse after being transported overseas.

An independent insurance agent can help you add any of these coverages to your ocean marine insurance policy if it doesn't have them already. 

Ocean Marine Insurance Companies

When shopping for ocean marine insurance, it's important to enlist the help of a licensed independent insurance agent. They'll help you find the right carrier with the coverage that best meets your needs. Until then, here are just a few of our top picks for ocean marine insurance companies.

Top Ocean Marine Insurance Companies	Star Rating
The Hartford
RLI
Travelers
Liberty Mutual

Ocean Marine Insurance Application

Ocean marine insurance applications are available from any carrier that sells coverage. You can easily fill out an application online by visiting a carrier's website. Better yet, an independent insurance agent can find an application for you and help you fill it out.

With the help of an independent insurance agent, they can shop and compare multiple ocean marine insurance carriers for you. They'll provide you with several quotes in one place so you can find the coverage that works best for you at the most affordable rate. Don't hesitate to contact an independent insurance agent today to set you up with an ocean marine insurance application.

Why Choose an Independent Insurance Agent?

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut the jargon and clarify the fine print, so you know exactly what you’re getting.

Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best ocean marine coverage, accessibility, and competitive pricing while working for you.