The more global our economy becomes, the more cargo ships transfer goods across seas. Unfortunately, accidents happen. Having marine insurance with New York Marine & General Insurance Company covers the legal liabilities of the company transporting goods. But how do you know if you need to have a marine insurance policy and what does it cover?
When goods are shipped by sea, the insurance offers coverage from the beginning of the shipping process until the destination arrival. Items stored in port warehouses are often covered. Personal and commercial cargo can be separate coverage options depending on the policy.
Accidents and losses happen. When they do, a claim usually arises, since someone needs to pay the bill. Typical claims covered by marine insurance include grounded ships, total loss, loss of cargo, hull damage, revenue loss and pirate attacks. The insurance steps in for negligence, weather and accidents.
Businesses who transport goods for their company or others should look into a marine insurance policy. Fishing, marine contracting, goods export/import companies and marine service supply companies also benefit. Private owners of seagoing vessels such as yachts may also need marine insurance.
If you’re unsure if you need marine insurance with New York Marine& General Insurance Company, ask your agent if you are at risk. Marine insurance is for both commercial and personal purposes.