Marine Cargo Insurance

(redirected from Ocean 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.
References in periodicals archive ?
Hanover Builders Risk is one of many offerings from The Hanover's broad portfolio of unique products across inland and ocean marine insurance.
ocean marine insurance market on December 31, 2013.
Ocean marine insurance can include both larger personal boats and commercial ships, plus cargo and liability for a ship's owner, which is called protection & indemnity insurance.
Inland marine insurance is an outgrowth of ocean marine insurance.
For the most college and university professors of insurance, ocean marine insurance remains a romantic and mysterious enigma.
1 writer of ocean marine insurance based on 2010 direct premiums written.
The good news is that today's ocean marine insurance is actually easy to navigate.
Submitting premium finance agreements through our agency management system has made our job easier," said Marie Limoges, of Ocean Marine Insurance Agency, Inc.
Despite the global scope of most maritime firms' operations, a vast majority obtains insurance domestically, which means that the major shipping nations are also the largest markets in ocean marine insurance.
Zrebiec is also chairman of International Marine Underwriters/CGU, which writes almost $100 million in ocean marine insurance in the United States.

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