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marine insurance

Marine insurance is a line of insurance applicable to the conveyance of cargo over land or water. It can cover loss of or damage to ships, cargo, terminals, pipelines, ports, oil rigs and platforms, and similar property.

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Additional Information

The two branches of marine insurance are ocean marine (primarily water-based exposures) and inland marine (primarily land-based exposures). In addition to first-party coverage for damage to property, ocean marine insurance also typically covers liability arising from the insured vessel under a coverage called "protection and indemnity."

Related Terms

Inland marine coverage is property insurance for property in transit over land, other moveable...

Ocean marine insurance covers the transportation of goods and/or merchandise by vessels crossing...