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.

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The all-risk builders' risk policy became eligible for coverage as an inland marine class with the adoption of the 1976 Nationwide Marine Definition. Coverage can be provided for property while it is under construction as well as while undergoing renovation, rehabilitation, repair or testing.

The changing builders' risk marketplace. (Inland Marine)

Thornton says these have been traditionally covered through inland marine policies since 1953, when New York state insurance commissioners wrote the nationwide marine definition.

Inland Marine's Complex Coverages

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