01.Core Concepts

Ocean marine insurance is based on certain fundamental concepts, or implied warranties: The owner implicitly warrants that the vessel is seaworthy The ship can only deviate from its original course to avoid an accident, to save the life of an individual on board, or rescue persons from another vessel The purpose of the voyage is legal The ocean marine policy provides broad coverage for perils of the sea, such as bad weather, high waves, collision, sinking, and stranding