Marine Cargo Insurance

(redirected from Ocean Marine Insurance)

Marine Cargo Insurance

Insurance covering loss or damage to goods in transit.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
IMU offers a full range of ocean marine insurance products across the U.S.
For instance, with ocean marine insurance, there are very specialized forms involved.
There can be no doubt that the Policy is an ocean marine insurance policy.
Remember, your ocean marine insurance policy should cover your financial interest, even if it reverts back to you after a sale.
Next month, we will explore this further, with the rise of the ocean marine insurance business in London.
The risks are no surprise to veteran ocean marine insurance agents, brokers and underwriters.
A senior ocean marine insurance and reinsurance executive, Miklus most recently was senior vice president at Guy Carpenter & Co., where he managed reinsurance client relationships for several leading U.S.
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.
Shippers generally purchase ocean marine insurance to protect against a financial loss or injury to their crew, cargo and the ship itself.
Inland marine insurance is an outgrowth of ocean marine insurance. In the case of ocean marine insurance, coverage terminates upon the completion of the voyage--a parameter that is unknown when coverage commences.

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