Ocean Marine Insurance
Definition of "Ocean marine insurance"
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils insured against include collision of the ship with another ship or object; the ship sinking, capsizing, or being stranded; fire; piracy; jettisoning (throwing overboard of property to save other property); barratry (fraud or other illegal act by a ship's master or crew, resulting in damage or destruction of the ship and/or cargo), and various other liability exposures. To be covered, an act cannot involve prior knowledge by the owner of the ship or its cargo. Excluded are wear and tear, dampness, decay, mold, and war.
Popular Insurance Terms
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Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Method of payment of an insurance premium that allows an insured to regulate the amount and frequency of the premium payments in accordance with cash flow over a stipulated period of time. ...
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