What is the primary function of ocean marine insurance?

The primary function of ocean marine insurance is to insure against risks during maritime activities. This type of insurance is specifically designed to cover the various perils associated with the navigation, transport, and storage of goods over water. It protects against risks such as sinking, grounding, collision, and other maritime disasters that could arise while transporting goods by sea.

Ocean marine insurance plays a critical role in global trade by providing financial security for both shipowners and cargo owners. This ensures that losses incurred while goods are being transported across oceans or other bodies of water are covered, fostering confidence in maritime operations.

While other insurance types may address distinct aspects of risk related to maritime operations, ocean marine insurance is uniquely tailored for the complexities and specific circumstances of maritime activities, making it essential for anyone involved in shipping and trade over water.