Ocean Marine Cargo Insurance

Category: insurance

Coverage for goods and merchandise while in transit across international waters or during overseas shipping.

Cargo insurance protects shippers from financial loss if a vessel sinks, burns, or encounters severe weather. It is usually written under "Open Cover" terms, meaning all shipments made by the business during the year are automatically protected up to a set limit per vessel.

Common Examples

• The international distributor purchased ocean marine cargo insurance to protect their electronics inventory from salt-water damage.
• Without cargo insurance, an exporter takes on massive financial exposure every time goods leave the shipping dock.