Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination..
Cargo insurance — discussed here — is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property (container terminals, ports, oil platforms, pipelines); Hull; Marine Casualty; and Marine Liability.
Read more about Marine Insurance: Origins of Formal Marine Insurance, Practice, Protection and Indemnity, Actual Total Loss and Constructive Total Loss, Average, Excess, Deductible, Retention, Co-insurance, and Franchise, Tonners and Chinamen, Specialist Policies, Warranties and Conditions, Salvage and Prizes, Marine Insurance Act, 1906
Famous quotes containing the words marine and/or insurance:
“People run away from the name subsidy. It is a subsidy. I am not afraid to call it so. It is paid for the purpose of giving a merchant marine to the whole country so that the trade of the whole country will be benefitted thereby, and the men running the ships will of course make a reasonable profit.... Unless we have a merchant marine, our navy if called upon for offensive or defensive work is going to be most defective.”
—William Howard Taft (1857–1930)
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)