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What type of ocean marine insurance provides coverage for?

Ocean marine insurance is designed to help safeguard goods and merchandise on board shipping vessels while in transit either domestically or internationally. Marine insurance policies can also cover shipments in other stages of transport, including over land or by air.

Why would a vendor request a COI?

A COI for Vendors is an insurance document that shows proof of a vendors insurance coverage. The goal of a Certificate of Insurance is to show insurance coverage in an easily understandable, standardized format. The vendors COI shows proof of insurance coverage for all parties working on a project.

Why is marine insurance important?

Marine insurance provides comprehensive coverage by protecting your shipment from various perils such as theft and piracy, fire, explosion, natural disasters like storms, hurricanes, earthquakes, cyclones, collisions, derailments of land conveyance, and the sinking of ships apart from covering various expenses.

What is life marine insurance?

Marine insurance covers the loss or damage caused to the goods during transit between the point of origin and destination. The insurance policy also provides coverage for the exposed goods, kept onshore or offshore, marine liability or casualty and hull.

What are the 4 types of coverage available in ocean marine insurance?

These include: Ocean Cargo insurance, Hull and Machinery insurance, Protection and Indemnity insurance, and Marine Liability insurance, both primary and excess.

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