YOU ASK:
What is the definition of Ocean Marine Insurance?
WE ANSWER:
Ocean Marine Insurance provides protection for damage incurred to the vessel (as well as its hull) and its cargo. It covers all kinds of watercraft and vessels.
This kind of insurance includes protection for losses caused by risks such as the need to throw away the cargo in order to save the property of other, the sinking or capsizing of a ship, piracy, perils of the sea, explosion, barratry of the master, as well as defects in the ship that cause damage. This also includes marine-related liabilities.
Ocean Marine Insurance excludes acts of war, civil commotions and riots, confiscations, breakage, damage due to dampness and delay or loss of market.
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