Marine Cargo Insurance

(redirected from Nationwide Definition of Marine Insurance)

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.
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