Marine Insurance in Rockville Centre, New York
Although it was initially created to protect businesses against losses while their goods were in transit overseas, marine insurance today has evolved. Marine insurance is a type of insurance policy that provides coverage for businesses or individuals involved in trade or transport, whether overseas or on land.
After more than 35 years in business, J.A. Faccibene & Associates, Inc. has developed into one of the leading marine insurance agencies on the East Coast. Our experience and relationships within the industry give us access to exclusive marine insurance programs unavailable to most other agencies. Contact us today to learn how we can help you.
What Is Marine Insurance?
Several risks arise when moving goods and property. Transportation equipment or cargo may be damaged, destroyed or stolen. Marine insurance can provide essential coverage for these exposures through ocean marine insurance and inland marine insurance.
What Are the Types of Marine Insurance?
Over the years, ocean marine insurance has expanded to provide more and more loss protection. It has even sparked the growth of similar types of coverage, such as inland marine insurance. Once strictly used in the maritime industry, inland marine is now primarily used to fill in gaps in commercial property protection.
- Ocean marine insurance—This type of marine insurance provides coverage for transporting goods and/or merchandise by vessels that travel across domestic and foreign waters, as well as any inland or aviation transit associated with the shipment.
- Inland marine insurance—This type of marine insurance provides insurance protection for property being transported over land, as well as movable property that does not have a fixed location.
What Is Covered Under Marine Insurance?
What’s covered under your marine insurance policy may vary based on your policy. Work with an agent to find out precisely what may be covered.
Ocean Marine Insurance
Ocean marine insurance typically provides three coverages that address the primary areas of loss for vessel owners. Coverage may include the following:
- Ocean marine hull coverage—This may cover ocean-going vessels, tugboats, barges and other commercial watercraft if a covered peril physically damages them or their machinery or equipment. Coverage for other floating equipment and some fixed property (e.g., offshore installations) may also be available.
- Ocean marine cargo coverage—This may cover waterborne cargo during any part of the shipping process if it is damaged or destroyed by a covered cause or stolen.
- Ocean marine liability coverage—This may cover a ship owner’s liabilities to third parties that arise during the watercraft’s operations. It may also be known as protection and indemnity (P&I) insurance.
Coverages, exclusions and limits vary depending on the policy. Working with an agent can help you find a policy that best fits your needs.
Inland Marine Insurance
Inland marine insurance may cover property as it is shipped overland on trucks, trains and other automobiles. It may also provide coverage for the following:
- Specialty equipment
- Unique or valuable property (e.g., art and jewelry)
- Property stored temporarily by a third party
- Third-party property that is temporarily in your care, custody or control
- Movable property
Inland marine coverage provides protection to fill any gaps in commercial property protection or to reach specific coverage limits.
Contact Us Today
Several types of businesses should consider marine insurance, including importers, exporters and those that work off-site or with movable property. Our agents can discuss your operation’s needs and help you secure the optimal policy. Contact J.A. Faccibene & Associates, Inc. to get started.