What is Marine Insurance?

Answer:
Marine insurance is a broad category of insurance

that covers vessels, cargo, terminals, oil platforms, ports, liability, and other related items at sea or on other bodies of water. In addition, special marine insurance policies extend to cover hulls, hulls under construction, war risks, and cargo insurance.

Boat and yacht insurance often falls under the marine insurance category though these policies are geared more for consumers while marine policies for ships and cargo vessels are marketed to shipping companies and large corporations.

Like all forms of insurance, marine policies have many different variables, coverages, and limits. A policy for a small sailboat will be dramatically different than a policy for a luxurious yacht. The yacht policy will be dramatically different than a policy for a cargo ship that ships billions of gallons of oil around the globe.

When purchasing marine insurance for a pleasure boat or yacht, you’ll have similar feature as you would with an auto policy such as liability and physical damage coverage but you’ll have other things to consider including salvage and environmental cleanup coverage if your boat sinks.


	more Q&A sessions like this
	What is Property Casualty Insurance? What can you tell me about Chubb Insurance? What can you tell me about Cigna Health Insurance?