Marine insurance as the name suggests covers loss or damage to the ship, cargo, and any transportation or property where freight is transferred, acquired, or held between the points of the source and final destination. You can get commercial marine insurance online at https://www.globalmarineinsurance.com/insurance-types/commercial-marine/.
Marine insurance is the oldest type of insurance that is a source of non-marine insurance and reinsurance. Currently used in combination with the Aviation and risk (Transit) cargo, commonly referred to as MAT (Marine Aviation Transit).
The cover may also be on a ‘journey’ or ‘time’. The ‘journey’ base covers shipments between the ports specified in the policy; ‘Time’ basis covers the phase of time, usually one year, and more common.
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Two conditions that are used to separate the extent to which the testimony which the vessel or cargo has been lost is the “Actual Total Loss” and “Constructive Total Loss”. An Actual Total Loss refers to the situation where the location is clear and Constructive Total Loss refers to the circumstances in which the loss is concluded.
Marine cargo insurance has been known for centuries as one of the most important services in world trade. Cargo insurance is regulated by the parties that bear responsibility for ensuring the commodity under contracts of sale. Phase time covered by marine cargo policy is defined as “Warehouse to Warehouse” at the Institute Cargo Clause Transmit Clause.