Marine insurance

From Supply Chain Management Encyclopedia

Marine insurance, most commonly defined, means coverage against loss of or damage to a ship due to Perils of the Sea and in-transit cargo loss or damage over waterways, land, and air. Marine insurance refers to much more than the insurance of ships. The insurance market tends to divide into three areas: Life, Marine and Non-Marine. Marine insurance will include the insurance of hulls, the cargo they carry, liabilities that may devolve upon ships and ship operators, known as “protection and indemnity” and also the insurance of wharves, ports and harbors, container terminals and even oil platforms and drilling rigs.