A Short Guide To Marine Insurance in Florida

If you live in Florida and are involved in the import or export of goods by sea, it is important that you have Florida marine insurance. Marine insurance protects you against potential losses and damage that you could be involved in.

What Is Marine Insurance?

Marine insurance is a large category of insurance coverage that protects people involved in businesses that handle anything related to ships, cargo, terminals, transports or transfer. Essentially, marine insurance can cover any sort of loss or damage related to boats or watercraft.

What Is Covered By Marine Insurance?

Marine insurance can cover a wide variety of different threats to your business.  It can cover costs associated with damage or loss caused to a ship or cargo while it is grounded. Additionally, it protects your ship and cargo while it is in transit. Some of the threats you are protected against are:

  • Sinking
  • Collision
  • Fire
  • Weather conditions
  • Navigation errors
  • Theft
  • War

What Types of Marine Insurance Are Available?

There are a number of different types of marine insurance available to purchase. Some serve to protect your ship and cargo while others protect you from liability issues. Some of the most common types are:

  • Hull Insurance
  • Machinery Insurance
  • P&I Insurance
  • Liability Insurance
  • Freight Insurance

Anyone involved in the import or export of cargo by sea faces a lot of potential risk. Marine Insurance can help reduce this risk substantially.