Ocean Marine
Ocean marine insurance is the oldest known type of contractual insurance. It provides coverage for the hull of a vessel, the property on the vessel and insured injuries that would occur on the vessel to either passenger or crew. At Knapp, Schenck & Company, we can help access your ocean marine exposure and arrange for an insurance program that properly protects your interests. This type of protection is afforded by various coverage such as:
Ocean Cargo CoverageProtection against physical loss of or damage to merchandise of every description transported in international trade. While the majority of cargo insured does cross over the oceans, ocean cargo insurance can also apply to transport from one country to another by aircraft and connecting overland conveyance; and on lakes, rivers and seas. Transportation exposes the products to the risk of partial damage or total loss, which can result in financial loss to either party |
Protection and IndemnityProtection for bodily injury and property damage liability resulting from accidents arising out of the ownership and operation of a vessel. It is written in connection with hull coverage. It includes liability coverage for loss of life or personal injury to guests, to swimmers and to the public in general, and to employees, including a hired captain and crew. |
Hull CoverageProtection against physical loss to waterborne vessels and the equipment and machinery contained in the vessel. |
Ocean Cargo War RiskProtection against physical loss from the war peril, which is excluded under an ocean cargo policy. This insurance is available in conjunction with and applicable to the same shipments covered under the ocean marine cargo policy. |