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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
is the chance or uncertainty of loss.
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
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.
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.
more details, please call a PaulBalep representative toll-free 1-800-964-8614 to receive a free, no-obligation quote.
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