Ocean Cargo & Marine Insurance for Importers, Exporters, and High-Value Shippers

When your goods cross international waters, your domestic policy may not follow. We place marine cargo coverage with top-rated providers throughout the United States and abroad — so your shipments are covered from port to destination.

What Ocean Cargo Insurance Covers

Ocean cargo insurance responds to physical loss or damage to goods in transit over international waterways — covering the journey from the point of origin through to final delivery. It is designed specifically for businesses that move goods across borders by sea, and it addresses exposures that a standard commercial property or domestic inland marine policy does not reach.

 

Coverage typically includes:

 

  • Loss or damage caused by vessel sinking, collision, or stranding
  • Water damage and exposure to the elements during transit
  • General average contributions — your share of losses when a vessel jettisons cargo to save the ship
  • Theft and pilferage during loading, transit, and unloading
  • Damage during transshipment between vessels or at intermediate ports
  • Total loss of a container or shipment

 

Policy terms can be structured on an all-risk or named-peril basis depending on the commodity, trade lane, and risk profile of the shipment.

Ocean Cargo vs. Inland Marine — Where One Policy Ends and the Other Begins

Inland marine insurance covers goods in transit domestically — over land, by truck, rail, or air within the United States. Ocean cargo insurance covers the international waterborne leg of a shipment, including loading and unloading at foreign and domestic ports.

 

For many importers and exporters, both coverages are relevant, and the gap between them is where claims disputes most often arise. During an initial risk review, we evaluate your full supply chain — where your goods originate, how they move, and where your current policies apply — so you understand exactly what is covered at every stage of transit.

 

If your operation involves both domestic distribution and international freight, we can structure a program that addresses the complete exposure without overlap or gap.

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High-Value Goods Require More Than a Standard Marine Policy

MJM Global's background in specialty insurance — including deep experience in the jewelry industry — means we understand the stakes involved in high-value international shipments and place coverage accordingly. We work with providers who have the appetite and the capacity to cover goods that most standard marine programs are not designed to handle.

Frequently Asked Questions About Ocean Cargo & Marine Insurance

  • Does my business need ocean cargo insurance if I already have an inland marine policy?

    Not necessarily — but your inland marine policy almost certainly does not cover the international waterborne portion of your shipments. Inland marine is designed for domestic transit. If your goods move by sea at any point in the supply chain, a separate ocean cargo policy is typically required to cover that leg of the journey. We review both policies together to identify any gap.

  • What does marine cargo insurance cover for importers?

    For importers, marine cargo insurance typically covers physical loss or damage to goods from the point of shipment at the foreign origin through delivery at the U.S. destination. This includes loss caused by vessel accidents, weather, theft, and damage during loading or unloading. Coverage can also extend to general average contributions, which arise when cargo is sacrificed or damaged to save a vessel in distress.

  • Does my business need ocean cargo insurance if the seller or freight forwarder carries their own policy?

    It depends on the terms of your purchase contract and the point at which risk transfers to your business. In many cases, the seller's or forwarder's policy does not protect your interest as the buyer once the goods are in transit. We review your Incoterms and contract structure to determine whether your exposure is covered or whether a contingency or buyer's interest policy is appropriate.

  • Can ocean cargo insurance cover a single shipment, or does it need to be an annual policy?

    Both options are available. Businesses with regular import or export volume typically benefit from an open cargo policy, which provides automatic coverage for all qualifying shipments under a single annual agreement. Businesses with occasional international shipments may be better served by a voyage policy covering a specific shipment. We assess your shipping frequency and volume to recommend the right structure.

  • How is the value of a covered shipment determined if a loss occurs?

    Valuation terms vary by policy. Coverage can be written on an invoice value basis, a CIF-plus-percentage basis (cost, insurance, and freight plus an agreed markup), or an agreed value basis for high-value goods. The valuation method matters significantly at the time of a claim, and we work to confirm that your policy reflects the true commercial value of your shipments — not a figure that leaves a gap in a total loss scenario.