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Discuss the 4 major Coverages for Ocean Marine Coverage, who the coverage is intended to protect,...

Discuss the 4 major Coverages for Ocean Marine Coverage, who the coverage is intended to protect, and why this type of coverage is important.

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4 major coverage for ocean marine coverage are as follows:

Hull insurance: It provides protection against physical damage to a vessel or any of its equipment and machinery. Any vessel, not limited to just ocean-going commercial crafts, can benefit from this. Examples include Tugboats, barges, other miscellaneous floating equipment and similar installations are all eligible for hull insurance.

Freight insurance It provides protection to the owner of the vessel in the event of cargo is damaged or lost.

Cargo insurance protects the shipper of the goods if the shipper have suffered any damage or loss.

Protection and indemnity insurance It gives protection to the owner of the vessel against legal liability that may arise out of the injury caused or some other damages.

It is intended to protect goods that are transported over water

This type of coverage is important because it provides protection against a wide range of losses like loss on perils of the sea, such as loss caused by high sea waves and other similar incidents, such as damage or loss caused by pirates, fire or some other event.

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