What does ocean marine insurance primarily cover?

Ocean marine insurance primarily covers the movement of goods, vessels, and ships. This type of insurance is specifically designed to protect against the perils that can occur during maritime activities, including damage to cargo, loss of ships, and liability for damages incurred during the transportation of goods over water. It encompasses a variety of risks associated with shipping and maritime operations, which is vital for trade and commerce that rely on sea transportation.

The insurance can include coverage for different aspects, such as hull insurance for the vessel itself, cargo insurance for the goods being transported, and protection against liabilities associated with shipping operations. This makes it distinct in its focus on maritime risk, as opposed to other types of insurance that may cover areas like air travel or hazardous materials movement. Understanding that ocean marine insurance specifically caters to the needs and risks linked to maritime activities helps clarify the core purpose of this insurance type.