Marine Insurance

Marine insurance is a form of insurance generally related to the transportation of goods. Originally most goods were transported by ship across seas or oceans (Ocean marine) but this was gradually extended to include the transportation by train, motor transport (inland marine) and now extends to include inland waterways, shipping and shipping by air. Marine insurance is therefore, divided into two general classes; 1) ocean marine, and 2) inland marine. Each of these are further generally classified in four sections as follows: 1) Hulls 2) Cargo 3) Liability 4) Freight.

The insurance of ships and their cargoes and freight Market Value The value of property, being what it will fetch in a transaction between a willing buyer and a willing seller. Material Fact In insurance, it refers to a fact which is so important that the disclosure of it may affect the decision of an insurance company, either with respect to writing a coverage, settling a loss, or determining a premium. Usually, the misrepresentation of a material fact will void a policy.

A form of insurance which is primarily concerned with the protection of goods in transit and the means of transportation. Originally written to cover ships and their cargos at sea, it was gradually extended to cover inland from the place of departure to the place of consignment. A recent development of marine insurance is inland marine.

Broadly, insurance covering loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.