MARINE INSURANCE

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The purpose of insurance is not to avoid or eliminate risk, but to transfer risk. So, a formal definition of insurance would be: A contract or device for transferring risk from a person, business or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums.

Risk is the chance or uncertainty of loss.

The purpose of marine insurance is to indemnify interested parties against loss, damage, or expense occasioned accidentally in connection with vessels, cargoes, and freight charges through any of the numerous perils incident to transportation by water. The modern marine insurance policy affords a very broad protection. Need for additional protection and competition, in fact, has been responsible for the assumption by underwriters of nearly every conceivable hazard that may cause fortuitous loss to those engaged in commerce. Vessel owners are enabled through marine to protect themselves against loss of hull, freight earnings, and every type of legal liability. The modern warehouse to warehouse clause enables goods to be covered from the time they leave the shipper’s warehouse in the interior, through all the various stages of the journey, either by water or land carriers, until they are safely delivered to the warehouse of the consignee. In fact, the marine insurance field has been broadened so that today contracts are being issued under which non-ocean marine protection is granted. The so-called inland marine insurance policies protect the insured against losses on inland waters and on land caused by various hazards including those which are incidental to transportation. It is for this reason that marine insurance is often called transportation insurance.

Unlike the field of fire insurance, no standard form of marine insurance policy is recognized by law in the United States. Most of the companies, it is true, use policies and endorsements that are substantially similar in character. Yet, the differences are sufficiently important to require a thorough familiarity with the contracts of different underwriters on the part of brokers and other buyers of insurance though the policy form does not dictate where the policy will be placed.

Please note that the precise coverage afforded is subject to the terms, conditions, and exclusions of the policy as issued. This explanation is intended only as a guideline. This information is not intended to be considered investment, tax or legal advice. It is provided, for your education only. This is not an insurance contract. All terms and coverages are defined solely by your policy.

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