Ocean Marine Insurance and How It Can Protect Your Vessel

Ocean marine insurance could play a significant difference in protecting you and your cargo vessels in the open water. As the manager of a commercial carrier company, protecting your vessel is a top priority. It’s an essential task, given the many liabilities that could cause damage. Collisions, submerged objects, and running aground are just a few ways that vessels are damaged every day. Also, how will you cover the expenses if you experience any of these incidents?

Ocean Marine Insurance

 Ocean marine insurance is one of the most reliable ways for commercial carriers to shield themselves from the costs associated with vessel damage. Indeed, marine insurance aims to shield carriers from an array of liabilities, including the following four.

Damage to Commercial Vessel

Ocean marine insurance protects commercial vessels by insuring against damage throughout the transport. Likewise, commercial vessels are susceptible to collision and other common causes of injury. Commercial carriers need to invest in insurance coverage that can mitigate the expense of such damage if an incident were to occur. Then, carriers should also implement an emergency response plan to enact in the event of a collision.

Loss or Damage of Products

Commercial vessels transport goods domestically or internationally. Despite careful handling, products sometimes become lost or damaged, incurring costs for both the carrier and their client. An ocean marine policy can mitigate these costs by covering the transport of goods, including any potential damage or loss. However, expenses resulting from delayed shipment or improper packaging are usually not covered by this type of insurance.

General Maritime Liabilities

According to the International Maritime Organization, there are two types of claims which entail a specific liability limit. These claims are personal injury or loss of life and property damage. All other general maritime liabilities provide no limit to the damages a person can seek. It makes commercial carriers vulnerable to a wide range of potential claims. Additionally, it makes them liable for the pursuit of excessive damages that may occur. An ocean marine policy can shield companies from the costs of litigation and claim payouts.

Environmental Liability

Industrial operators of all kinds face increased pressure to reduce carbon emissions and accept environmental accountability. It has led many commercial transporters to adopt the use of biofuels that massively reduce carbon emissions. Additionally, these fuels come from substances such as starch, corn, and organic waste. Though the most recent iterations are from algae. Commercial carriers should know that improvements like this do not eliminate their environmental liability. Thus, carriers can still be liable for some forms of ecological damage. However, the right insurance policy may be able to mitigate this liability.

Marine Insurance

Ocean Marine Insurance can be the difference between protection and a complete loss. It is the solution to your needs and will help you protect your interests.

About Provident Protection Plus

At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.