The ocean is a vast and potentially dangerous place where a lot of business occurs. From cargo ships to cruise lines, fishing boat rentals or diving tours, many types of commercial marine businesses can employ commercial marine coverage.
What Does Commercial Marine Insurance Cover?
Commercial marine coverage applies not only to cargo vessels riding atop the swells in the middle of the ocean, but also to other ships, ports, terminals or any situation in which the transport of goods is occurring. Policies exist to protect against the particular risks associated with doing business on the water. Coverage can be purchased for all sorts of watercraft and even boat factories and marinas.
Hull insurance covers against damage to the watercraft itself or any machinery that is onboard. Brown-water coverage is primarily for vessels like barges or tugboats that operate around coastal waterways. Blue-water coverage applies to ocean-going ships and large vessels involved in international shipping or trade.
Cargo insurance protects against theft or damage to any goods or cargo that the ship is carrying or conveying. Marine liability protects against third-party liability, including injuries, illness or loss of life.
Commercial marine coverage is the best way for business owners in the industry to protect themselves against the sometimes volatile nature of conducting business on the high seas.