Marine insurance is a type of insurance that covers the transportation of goods over land or water. It protects against loss or damage to ships, cargo, terminals, pipelines, ports, oil rigs and platforms, and similar property. 

There are two categories of marine insurance. Ocean marine insurance covers primarily water-based risks while transporting goods over water. Inland marine insurance covers risks while transporting goods on land.  

If you need insurance coverage for the transportation of goods, it's essential to speak with an insurance agent who can help you determine the right type of marine insurance for your needs. Contact B.I.A. & Company at 877-597-6371 for a fast, free insurance quote. 

What Is Ocean Marine Coverage? 
Ocean marine insurance is a group of three coverages that cater to the primary areas of loss for vessel owners. 

• Ocean marine hull coverage—This coverage provides protection for physical damage to a vessel and its operating equipment and machinery. The coverage is not limited to ocean-going commercial crafts but also extends to tugboats, barges, floating equipment, offshore oil rigs, and other similar installations. 
• Ocean marine cargo coverage—This coverage helps cover waterborne cargo for physical damage during shipment and may also offer protection against theft and other forms of loss. It can be purchased for individual shipments or as an open policy to cover all shipments made during the policy period. 
• Ocean marine liability coverage—This coverage, commonly known as protection and indemnity (P&I) coverage, covers a range of third-party liabilities an owner may face during a vessel's operation. Coverage may extend to injuries, illness, loss of life, medical expenses, damage to other vessels or property from collisions or incidents, wreck cleanup and removal, damage to cargo, and expenses resulting from quarantine. 

What Is Inland Marine Insurance? 
In the past, inland marine insurance was primarily used by individuals in the marine industry to safeguard their property against losses during water transportation. However, as time passed, the use of this insurance expanded to include land-based property transfers, and hence the term "inland marine" was coined. These policies were initially called “floaters” since the covered property was originally “floating” on the ocean. Today, inland marine coverage bridges the gaps in commercial property protection or achieves particular coverage limits. 

Get Help Determining If You Need Marine Insurance 
B.I.A. & Company is here to help you determine whether you need marine insurance. Give us a call today to start the conversation.  

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.