What is ocean marine insurance?
Ocean marine insurance is designed to help safeguard goods and merchandise on board shipping vessels while in transit either domestically or internationally. Marine insurance policies can also cover shipments in other stages of transport, including over land or by air. Ocean marine insurance provides coverage for marine liabilities and commercial hull as well as protection and indemnity.
The ocean marine industry is unique and the risks threatening the industry have the potential to sink business operations. Did you know that fire is a cause of loss for the ocean marine industry, or that in 2020 a record 22 weather and climate events occurred in the U.S. with costs at or exceeding $1 billion?1 With extensive coastal operations, maritime businesses can be heavily impacted.
Who is ocean marine insurance for?
If you secure raw materials abroad, ship manufactured goods or sell goods domestically and internationally, ocean marine insurance can be a key source of protection. Companies in industries such as manufacturing, technology, energy, construction, pharmaceuticals, food and beverage and many others rely on Travelers Ocean Marine insurance to help protect against financial losses that can result from exposures like lost or damaged shipments and cargo theft.
Marine services businesses that are meeting the growing demands of domestic and international trade can also benefit from marine insurance for risks related to shipbuilding, marine construction, ship repairing and supply services. To help you navigate ocean marine insurance exposures and help protect your business from risks outside your marine activities, Travelers brings marine and non-marine insurance coverages together in one place, anchored by deep expertise in claims and risk control.
Types of ocean marine insurance
Travelers is a leading provider of ocean marine insurance in the United States, with an extensive portfolio of maritime product solutions. Our marine insurance policies can be tailored to help address the unique exposures of your business, offering the protection you need when faced with an unforeseen or catastrophic loss. From ocean cargo insurance for importers and exporters to insurance for marine contractors and owners of pleasure crafts, Travelers marine liability coverages are available on either a packaged or monoline basis and can include an excess liability policy or bumbershoot marine umbrella policy.
Marine service supplies insurance
Marine services suppliers insurance is for companies that provide marine services on or around the waterfront, such as ship repairers, terminal operators, boat manufacturers, marinas, wharfingers, charterers, boat dealers, stevedores, shipyards, port authorities and more.
Marine contractors
Marine contractors insurance is for marine contractors who perform a wide variety of jobs when engaging in commercial and residential construction on and around the waterfront.
Marine transportation providers insurance
Marine transportation providers insurance is for maritime transportation businesses operating tugs and barges, crew/supply boats, excursion vessels, ferries and more.
Ocean cargo insurance
Ocean cargo insurance is for importers, exporters, manufacturers, commodities traders, freight forwarders and wholesalers.
Luxury yacht insurance
Luxury yacht insurance is designed to meet the unique insurance needs of owners of pleasure craft with hull values from $1 million to $50 million.
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