Marine Cargo Insurance


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Marine Cargo Insurance

Insurance covering loss or damage to goods in transit.

Marine Cargo Insurance

An insurance policy that protects the buyer of a good being transported over water from the loss of that good. Most of the time either the buyer or the seller is required to purchase marine cargo insurance (or at least to assume the risk of transit); their specific agreement determines which one is responsible. See also: Incoterm.
References in periodicals archive ?
Methaq offers car insurance, marine cargo insurance, travel insurance, residence insurance, and a small- and medium-size enterprises (SME) package, along with other products and solutions.
Recent hires include experienced underwriters in specialty lines, property, and marine cargo insurance.
Earlier this year, Stepan switched insurers, picking up an ocean marine cargo insurance policy from Warren, New Jersey-based Chubb Group of Insurance Companies.
coffee shippers check that "door to door" Marine cargo insurance is in place and includes piracy with concurrent underwriters in both applicable Marine and war covers.
Marine Cargo Insurance brings together the case law on marine cargo insurance to assist practitioners, whether they are lawyers, underwriters, insurance brokers or surveyors and investigators, to resolve issues of meaning and interpretation of the Institute Cargo Clauses (ICC), the most widely used standard form of marine cargo insurance cover.
Partnering with Aon, one of the largest insurance brokers in the world enables CoreMarkets to offer its members a wide array of insurance products, including marine cargo insurance.
These measures should be backed up with marine cargo insurance that provides a financial safety net for lost or damaged shipments.
Nigel Jenkins, Global Marine Underwriting Manager for CNA's maritime division, commented, "As we move into the 21st Century, the face of marine cargo insurance is changing and at CNA's maritime division we intend to be at the forefront of driving that change.
CNA Maritime comprises MOAC, based in New York, the largest marine insurance organization in North America; CNA Maritime, based in London, a leader in marine cargo insurance in Europe and throughout the world; and its subsidiary, Eastern Marine Underwriters, a foremost marine underwriter based in Toronto.

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