Ocean Marine Insurance

Vessel owners today face an increasing amount of risk. As specialists in global trade insurance protection, James A. Connors Associates, Inc. is well equipped to help identify your unique exposures in order to provide you with the most comprehensive protection best suited to cover your cargo in all modes of International and Domestic transit, including: Vessels; Airplanes; Barges; Trucks; Trains, etc. Protection can be extended to cover cargo while it is in storage at any location in the U.S. and worldwide.

Today, ocean marine insurance is not just a single coverage, but a group of coverages that address the primary areas of loss. 

Hull insurance provides coverage for physical damage to a vessel and any of its operating equipment and machinery. Any vessel, not just ocean-going commercial crafts, can benefit from the coverage. Tugboats, barges, other miscellaneous floating equipment and even some fixed properties, including offshore oilrigs and similar installations, are all candidates for hull insurance. 

Cargo that is waterborne during any part of the shipment process can be covered for physical damage by an ocean marine cargo policy. Some policies may also offer protection from theft and other forms of loss besides just physical damage. Policies can be taken out for individual shipments or, in the case of open policies, can cover all shipments made during the policy period. 

Marine liability is most known as protection and indemnity, or P&I coverage. It covers the wide variety of third-party liabilities that an owner is exposed to during a vessel’s operation. Some things covered by P&I include:

  • Injury, illness or loss of life caused by a vessel’s operation
  • Medical expenses relating to any injury, illness or loss of life
  • Damage to other vessels or property caused by collision
  • Damage to other vessels or property caused by incidents other than collision
  • Wreck cleanup and removal
  • Damage to cargo in certain situations
  • Expenses resulting from quarantine 

At James A. Connors Associates we provide worldwide coverage - from any country to any country, including local shipments within the same country.

Covered Perils covers against physical loss or damage to cargo. Each policy specifies the risks it covers and the risks it excludes. The most prevalent conditions are ALL RISKS.

Most Policies are written as “Open” Continuous Policies that automatically insure all shipments applicable according to the terms of sales of each shipment. Coverage for a single shipment, as needed, can be arranged as well. Seamless coverage continues while goods are in storage, before and after shipments.

Have questions? We have answers. Tell us what you are looking for today. One of our experienced brokers will reach out with coverage options and answers.