Providing the loss or damage of ships and cargoes. Cargo insurance is a class of marine insurance. Was established in England (1601) as a specialized chamber of assurance separate from the others.
Marine insurance is the oldest form of insurance available. By covering the loss or damage of cargo ships or other transports, marine insurance is essential for big companies which have their goods transferred over waters. In a brief, marine insurance may be divided in two different coverage types, as follows:
- Voyage basis: it covers both the vessels and cargo for any loss only between the ports of the transaction. That is, the policy takes force from the moment the ship leaves the port, until the moment it arrives at the destination port.
- Time basis: it covers a ship and its cargo over a pre-established period of time. Generally, one-year policies are more common.
Marine insurance, when referring to the vessels and the cargo, are also divided when it comes to the vessel’s coverage. While “hull & machinery” policies cover the vessels, “total loss only” covers only the total loss of a vessel instead.
Marine Insurance Resources
American Marine Insurance
Offers top quality coverage for yachts large and small, sportfishers, sailboats and more.
G. M. Marine
Offering marine insurance underwriting services to agents and brokers. Located in New Orleans, Louisiana. U.S.
Ship Owners Club
International coverage and indemnity insurance for smaller and more specialized vessels. Based in London, United Kingdom.
News about Marine Insurance:
|NOIA Expresses Disappointment at Passage of HR 3221 and HR 2776
|WASHINGTON, Aug. 6 /PRNewswire-USNewswire/ -- In response to energy and tax legislation passed by the House of Representatives on August 4, Tom Fry, President of the National Ocean Industries Association, made the following statement:
"By passing this bill, the House of Representatives has taken steps that undermine America's energy future. At one time when energy demand is on the rise, the House bill will raise ...
|State may owe you cash
| Florida CFO Alex Sink today will auction off goods that have been left unclaimed in banks for years. Some of the items: one rare $500 bill and one 17-carat sapphire ring. Posted on Sat, Aug. 04, 2007 Digg it del.icio.us reprint or license print email BY MARC CAPUTO mcaputoMiamiHerald.com Related Content ...
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