The advantage of having marine insurance is that it reduces the liability that may occur when damage happens. It protects vessel owners in the event of theft, accidents, mistakes, and also provides compensation for illness, injury or death.
There are two types of insurance that you may be referring to so I will give you a brief explanation of each. Marine insurance is coverage for property while in transit across oceans and seas. This is usually for products in transit from the country where it is produced to the markets where it is going to be sold or for raw materials the other way around. The second type of insurance that you may be talking about is "inland marine" insurance. Inland marine is a term used to refer to insurance to cover separate classes or types of insurance. Inland marine are often times called floaters because they are used separately or attached to another policy. An example would be for jewelry that is insured on a floater and attached to your homeowners policy to maximize a certain dollar amount of coverage for particular items. Another example might be a piece of large construction equipment insured for a construction company and listed separately for a set dollar amount that is agreed upon by the company and the insured.
Export or import cargo getting damaged on transit whether by sea,air or surface transport for various reasons and forms, are covered under Marine Insurance for which the Insured are to pay premium whether under open policy or specific shipment policy under Cif payment terms, the insurance premium is borne by the buyer on fob payment terms at their end in advance.
Marine insurance covers all kinds of water equipment from boats to skis to shipping materials. it also covers injury while on the water, particularly the kind of waters listed on the policy.
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You can purchase insurance for Marine Boats from the Global Marine Insurance website. You can also get Marine Boat Insurance from other companies such as BoatUS and United Marine.
Characteristics of Marine Insurance
difference of motor and marine insurance
Impact marine insurance on an economy?
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F. Templeman has written: 'Templeman on marine insurance' -- subject(s): Insurance, Marine, Law and legislation, Marine Insurance
impotance of marine insurance for international trade?
Marine insurance covers the loss of ships, cargo, terminals, and the loss of cargo. Non-marine insurance does not cover any of these things and would include all other types of insurance.
S. S. Huebner has written: 'Life insurance; a textbook' -- subject(s): Insurance, Life, Life Insurance 'Property and liability insurance' -- subject(s): Fire Insurance, Insurance, Fire, Insurance, Liability, Insurance, Marine, Insurance, Property, Liability Insurance, Marine Insurance, Property Insurance 'Report on legislative obstructions to the development of marine insurance in the United States' -- subject(s): Insurance, Marine, Marine Insurance 'The main feature of the present foreign trade of the United Kingdom' -- subject(s): Commercial policy, Statistics, Commerce 'Property insurance' -- subject(s): Accessible book, Fire Insurance, Insurance, Marine Insurance, Property Insurance
The company offers the following types of Commercial Marine Insurance: Boat Rental Insurance, Boat Club Insurance, Charter Fleet Insurance and Passenger Boat insurance which includes tours, excursions and ferry.
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