Ocean marine insurance is the oldest form of coverage. It’s protection for all types of vessels and watercraft and protection for property damage to the vessel and cargo. It includes such risks as piracy, ship collision, sinking, fire, barratry, capsizing, being stranded, and the jettisoning of cargo to save the property of others.
To be covered, an act cannot involve prior knowledge by the owner of the ship or its cargo. Excluded are wear and tear, dampness, decay, mold, and war.