Marine Insurance: Inland & Ocean Maritime Insurance Quotes

For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!

For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Marine Insurance: Inland & Ocean Maritime Insurance Introduction - What is Marine Insurance?

“Protection or reimbursement against future losses” or, as we all know – Insurance.

But what is Marine Insurance? Yes, you guessed it right! Marine Insurance is insurance provided to ships, boats, and important cargos that they carry in them.

Why is this important? Why would someone want to have marine insurance? Well, if you’re a ship-owner or your business is transporting goods and cargos through the ship, you are fully aware that the mode of transport through water comes with greater risk compared to rail, road, and air. Incidents that may harm the cargo, like piracy or just natural disasters, can cause significant financial loss to your business. Like any other business, having insurance is the best beneficial backup plan you would ever have for cases like this.

So why is it important? As a human being, it would be cloud nine to have the ability to manage risk, and having the best marine insurance policy will give you just that! In this article, we will walk you through some marine policies to consider getting.

Marine Cargo Insurance

Let’s talk about marine cargo insurance. In a plain simple definition, marine cargo insurance covers and protects cargos while the ship is actually sailing through the ocean water or any losses that happen while they are in transit.

Charter Boat Insurance

Charter boat, in a simple definition, is the act of renting or chartering for business or vacation use.

You may have also heard of the term commercial boat insurance, which covers vessels commonly used for livelihoods like a rod and line fishing, etc.

Things to consider for commercial boat insurance:

  • Crew liability

  • Cargo liability

  • Pollution liability

If you’re planning to open a business chartering boats, you need to know that maritime law requires this kind of business to have or meet specific insurance policy requirements. Here are some more conditions to see if you’re planning to open a charter boat business:

  • For vessels that can carry six or more passengers, you need to be certified by the US Coast Guard before you can operate.

  • A captain’s license.

  • First-aid and CPR certification.

Charter Boat Insurance Coverage Options

  • Full-time coverage –year-round coverage that includes day tours/trips and extended charters.

  • Part-time coverage –a more personal or modified insurance policy coverage that allows the owner to set a number of days for their boats to be used as a charter boat.

  • Jones act coverage–also known as the paid crew coverage or the Merchant Marine act of 1920 requiring every crew member to be covered individually for liability in cases that they get injured while onboard.

  • Bareboat coverage–this type of policy is what you need if you are not on board, and another person operates your boat. They will be required to sign a contract declaring you free from blame in any event of accidents that cause some casualties.

  • Six Pack coverage –this is a type of full-time coverage specifically for boats that carries less than six people, which means that your business is not required to be certified by the US Coast Guard.

  • Shore excursion coverage –this is an additional option to your coverage that gives you liability coverage for customers the moment they step in and out of your boat.

Protection and Indemnity (P&I) Insurance

Protection and Indemnity (P&I) insurance coverage is one of the two common maritime insurance divisions. P&I insurance is liability insurance coverage for all types of marine liability risks that come together with the ownership and operation of a maritime vehicle, except for those that are protected within a workers compensation insurance policy as well as a collision clause within a hull and Machinery insurance policy, which are discussed next.

Hull and Machinery Insurance

In contradiction to P&I insurance, hull and machinery insurance coverage deals more with physical damages and cargo damages from accidents or collisions while in transit.

However, marine hull insurance does not cover deaths or injuries and illness to a third party. Instead, these issues are covered by marine liability insurance or typically known as p&i.

What is Commercial Inland Marine Policy?

It’s tempting to get confused as to why the word “land” can be seen if we’re talking about water transportation.

So let us understand inland transit insurance.

Inland marine insurance covers transported materials, products, etc. through land.

Not confusing, right? It’s as simple as that.

So does your business needs one?

Great question! Let’s point out some keys to help you decide if you need to get an inland marine insurance and know more about inland marine coverage.

What Causes Inland Marine Loss?

The most significant risk when transporting products through land would be collisions, and not only that, if you’re storing materials through a third party temporary warehouse, these products are at risk of being stolen.

So if your business frequently transports important, high-end, or expensive equipment, it will be best to consider purchasing inland marine policy as basic property coverage does not usually cover these.

Examples are Laptops, computers, networking equipment, communication equipment, cameras, construction equipment, medical equipment, etc.

Here are several commercial inland marine coverages:

  • Bailee’s Customer Coverage–This insurance coverage protects your client’s properties if left in your care for businesses like storage warehouses.

  • Builder’s Risk–This insurance coverage covers materials and structures used on constructions and renovation projects

  • Exhibition and Fine Art Coverage– This insurance coverage is best for items being used on art exhibitions, items that are being loaned, or items in transit.

  • Installation Floater–This covers materials from the very moment it is loaded in a truck before it is used.

  • Motor truck cargo coverage–This insurance coverage protects your customer’s materials while on the process of being transported and delivered.

There are many things to consider when deciding whether or not to get an inland marine insurance coverage. An insurance professional can help you find out if your business is in need of one and may provide services to minimize and control marine risks and losses. Just keep in mind that an inland marine insurance protects your business and your client’s trust to do business with you.

Ocean Marine Insurance

Let us move on to something close to the term “marine.”

What is ocean marine insurance? Ocean marine insurance gives protection to your goods or cargos when crossing international borders.

Do you need marine transit insurance coverage? Still, a great question, and we’re about to dig deeper into that.

As mentioned earlier, there lies a significant risk while your goods are at sea. With an ocean marine insurance policy, you have the benefit and ability to recover from financial losses that may occur unexpectedly. The best part is, instead of depositing cash or bond, having an ocean marine insurance helps you with export and import documents. The list of benefits you can get is far from over. However, you can put yourself in the customer's shoe and ask yourself this: If you’re a client or a customer that would transport essential products through the sea, wouldn’t you choose to do business with someone that can guarantee minimum risk and financial loss control?


Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Ocean Marine Insurance Coverage

  • Cargo loss–covers lost cargo in-transit.

  • Revenue loss–covers loss of revenue from accidents or theft that may happen while goods are in transit.

  • Hull damage–marine hull insurancecovers damages on a ship’s hull from accidents and collision i.e., if a bad storm causes the ship to crash into land.

There are two types under hull coverage:

Blue water coverage is an insurance for ships sailing on large waters, and Brown water coverage that is for boats that sail close to shore

  • Grounded ships–covers grounded ships due to weather, accidents, or lack of responsibility from deck crews.

  • Pirate attacks–covers attacks and theft from pirates.

  • Total loss–this happens when retrieving a sunken ship would cost too high to the ship’s owner.

What does ocean marine insurance cover?

  • Your Business–what else is more important than knowing your cargo and vessel is protected while transporting your goods?

  • Your Vendors –business is built on trust. What more can gain your vendor's confidence aside from having a back-up plan for unexpected losses due to accidents and mishaps?

  • Anyone you’ll have a contract with –part of a deal when doing business with any third party company is them knowing you have the ability to reimburse them to be financially whole again after an unexpected loss. Having a good insurance coverage will help you gain their trust and business.

Furthermore, there are also some incidents that ocean marine insurance does not cover. Few of those are:

  • Civil riots, employee strikes, or commotions

  • War

  • Any loss accumulated from delayed shipments

  • Passenger ships

Bumbershoot Insurance Policy

We can simply define bumbershoot insurance as an excess insurance policy that protects industry or businesses from risk related to wet and dry maritime.

In events of something going wrong, bumbershoot policies are designed to be a fail-safe that adds protection through regular policies.


Progressive Marine Insurance

If you are looking for one of the best marine insurance companies, you have to check out to know more about progressive marine insurance coverage and offer, and you can also get a cheap marine insurance quote online by just filling out their form.

Here is some coverage they offer listed on their website:

  • Full replacement

  • Bodily injury and property damage liability

  • Wreckage removal

  • Medical payments

To know more about this, you can visit their website or just simply click this link:

Markel Marine Insurance

Markel offers better service by distributing products through its own regional offices. They also have marine specialists who will work with you to ensure that your insurance needs are met. To know more about markel boat insurance, you can visit their website or click this link .

They offer $50,000,000 (subject to underwriting) of maximum liability limit and $500 (subject to underwriting) minimum premium for inland marine. For ocean marine, the maximum liability limit will fall around $5,000,000. Its minimum premium varies by class with an average premium of $10,000 for a target size of small to medium risk.

Worldwide Marine Insurance

As can be seen on their website, worldwide marine insurance claims to be the nation’s leader when it comes to boat insurance.

Their staff is highly knowledgeable, and they make sure to fit their policies based on their customer’s needs as they understand your boating needs being that they also claim to be avid boaters. To know better about their services, simply visit their website or click this link: http: //

Best Marine Insurance Companies

In this part of the article, we will list down some of the best maritime insurance companies with their pros and cons as well as the average cost of their marine insurance policies. That said, it is highly recommended to compare marine insurance quotes online through this page and find a cheap marine insurance which fits you best from a reliable insurer.

The Hartford Marine Insurance

Offering unrivalledscope and coverage, and a broad list of inland marine policies, The Hartford is reviewed as the best.


· Their inland marine policy is wide-ranged

· Their policy terms can easily be understood

· Offers 24/7 customer support from experts that will help you get the policy that will fit your need


· Policies are only purchased through their agents

· They don’t offer quotes online

· The Hartford does not cover some small business entity

The Hartford offers modern inland marine insurance. They have categorized their inland marine coverage into construction , technology, transportation, equipment, and miscellaneous inland marine . You’ll see specific policies, targeting industries at a micro level, with each category listed.

Great American Insurance Group Marine Insurance

Great American Insurance Group provides the best policy for bailee insurance. Their policy will surely provide protection from you being liable if products are damaged or stolen while your customer’s property is in your possession.


  • Insurance designed for B2B and B2C companies

  • You can purchase a standalone policy or add it to other policies

  • Available in all the states in the US and Canada


  • Policy information that is available online is limited

  • Will require you to call to purchase a policy

  • Additional coverage will be needed for flood and earthquakes

Bailee insurance is for businesses that temporarily possess or hold customer’s property. i.e., warehouse, storage, dry cleaners, etc. As already discussed, this policy will protect you from cases when a customer’s property is damaged or stolen.

Great American Insurance Group’s insurance policies cover cases where competitors usually don’t like properties that are unreturnable because it can’t be identified and property that requires to be moved to another location in times of emergency.

Chubb Marine Insurance

Policies offered from chubb marine insurance are best for contractors. This company gives complete coverage for structures, equipment, and tools.

Chubb is one of the first to have an inland marine insurance policy. They first ran their business in the late 18th Century.


Builder’s risk insurance offers protection to structures while being built or renovated and is available for residential and commercial contractors.

A policy covering the contractor's owned or leased equipment, and employees' tools are also being offered.

Engineered risk insurance protects loss revenue or damage against property due to unexpected events.


  • Individual and major construction firms can be covered

  • Equipment coverage: Both owned by contractor or employee property

  • Risk management services being included in policies


  • Policies are only purchased through their agents

  • Requires policy customization if combined with physical injury liability

  • Data and technology options are limited

FLIP Marine Insurance

FLIP or Food Liability Insurance Program ranks number one for food truck business. FLIP's marine insurance policy is combined with the traditional coverage for food service.


· Underwritten by GAIG

· You can quickly get a quote from their online tool

· Affordable polices that starts from $25 per month


· There are only two limit options

· A pioneer company that has been around less than a decade

· Does not provide refunds

Rank and Review Insurance Companies

Help others make better decisions

Show more

Marine Underwriters

Marine underwriters is a marine insurance agency from South Carolina that provides a great range of cheap marine insurance, comprehensive boat insurance and yacht insurance policies across the U.S. They protect anything and provide from tiny boat insurance to mega yacht insurance policies.

These professionals are knowledgeable in terms of a country’s rules and regulations to where the ship belongs and possible countries where unforeseen incidents might occur. Meaning, they note down maritime rules from all countries to allow an easy settlement of a claim for clients.

Marine Underwriting

With so many marine underwriting companies, the United States is one of various countries that has set up marine underwriters' associations mainly to gain exposure and experience.

The Association of Marine Underwriters (San Francisco) and the American Institute of Marine Underwriters or AIMU are some examples of the said marine underwriting associations. Getting more knowledge and engaging professionals in marine underwriting to learn more is why this kind of organization exists. The vast spread of marine underwriting is just one proof that this organization has been successful with its purpose.

It might be your first time hearing about marine underwriting. However, it is an old profession. Suppose you aspire to be a unique professional or an expert.

Printable, Fillable Inland Marine Insurance Acord Forms

For your convenience please find printable fillable inland marine acord form 152 attached.

You can also get download and print a fillable inland marine acord form by visiting this link:


Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Recent Reviews

Recent Posts

Speak with a Representative Now Call 866-929-3479