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Ocean Marine:
Ocean
Marine coverage is written to protect business property in the event
of loss, damage or destruction of a ship's hull and/or cargo
(freight) by an insured peril. Perils insured against typically
include collision with another ship or object; the ship sinking,
capsizing, or being stranded; fire; piracy; jettisoning (throwing
overboard of property to save other property); barratry (fraud or
other illegal act by a ship's master or crew) amongst other
exposures. Any Marine policy will also limit or exclude coverage if
the owner of the ship or cargo has prior knowledge of the
incident.. Typical exclusions are wear and tear, dampness, decay,
mold, and war. War and terrorism
is excluded from basic policies, but can be bought back. |
