Ocean Marine Insurance
One of the oldest types of coverage in the world, the ocean marine insurance that we know today was born in the 1600s out of merchants’ desire to protect themselves from the heavy losses they could face in an age when shipping was a very dangerous venture. While some industry risks went out with the wooden ship, vessel owners today still face a large amount of risk, making ocean marine insurance just as important as ever.
Over the years, ocean marine insurance has expanded to provide more and more loss protection. It has even sparked the growth of similar types of coverage, such as inland marine insurance. Once strictly used in maritime industry, inland marine is now primarily used as a way to fill in gaps in commercial property protection.
Today, ocean marine insurance is not just a single coverage, but actually a group of three coverages that address the primary areas of loss for vessel owners.