Final answer:
Owners of ocean-going vessels may require insurance for protection against natural disasters, coverage for potential damage to the vessel, financial protection in case of piracy, and compensation for delayed shipments.
Step-by-step explanation:
Owner of ocean-going vessels may require insurance for a variety of purposes. Firstly, insurance offers protection against natural disasters such as hurricanes or tsunamis that can damage or destroy the vessel. Additionally, it provides coverage for potential damage to the vessel caused by accidents or collisions.
Insurance also provides financial protection in case of piracy, where the owner can recover their losses if the vessel is hijacked. Lastly, insurance can offer compensation for delayed shipments due to unforeseen circumstances.