What is the definition of Marine Insurance?
Marine Insurance refers to the coverage or protection given to businesses that have goods being moved from one place to another. It usually involves protection when the goods are transported or temporarily stored while using not just ocean transport, but land and air transport as well.
The coverage will pay for damages for losses that are a result of piracy, collision, capsizing, sinking, being stranded. This includes not just the cargo, but also to the destruction and damage to the ship's hull as well. The different types of protection may require different coverages - cargo insurance, protection and indemnity insurance and hull insurance.
Marine insurance does not cover damages that result from the normal operations - such as wear and tear, mold and dampness. Acts of war are also not included.
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