One of the very first branches of insurance was Ocean Marine. Historically, merchants who traded goods over waterways developed the earliest concept of minimizing risk. Traders who sent their goods along the Nile usually split-up their goods, loading them onto one or more vessel. This bright idea prevented the total loss of shipment.
Ocean Marine coverage provides protection of the value of all vessels being transported on “blue waters” (oceans) or “brown waters” (lakes and rivers). Larger cargos are protected against the financial losses of direct damage, loss of property, as well as their legal liability, such as owning or operating the vessel. The policies are also used to insure goods while shipped from destination to destination.
Inland Marine is flexible and shares the same components found in Automobile, Property, Ocean Marine and Liability coverage. It indemnifies a wide variety of moving or moveable commercial property, including those related to construction, transportation, fine arts and communications. Inland marine insurance is critically used to cover losses for other non-marine transit such as tunnels, bridges and other property. It is recommended for business owners, or people who need to travel for work with high-value items.
For help in identifying inland marine exposures, insurance companies use a standard called the “Nationwide Inland Marine Definition” that was developed by the National Association of Insurance Commissioners. The standard acts as the major source of reference used by most states to guiding there approach in recognizing what types of property are covered.
If you need such protection, talk to a insurance professional who should be able to provide you with all the information you need.
If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com
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