What is marine insurance in simple words

Marine Insurance — a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process.

What is the other name of marine insurance?

Hull Insurance\n\n This marine insurance policy provides coverage to the vessel including the furniture and articles of the ship against any unanticipated mishaps.

What is marine and fire insurance?

The marine insurance policy offers protection to the ships and their cargo during a voyage. The fire insurance policy offers protection to the policyholder's assets against fire for a particular period.

What is marine insurance Brainly?

Answer: marine insurance covers the loss or damage of ship, cargo, terminal and any transport by which the property is transferred , acquired or held between the point of origin and the final destination .

What are the basis of marine insurance?

The fundamental principles of Marine Insurance are drawn from the Marine Insurance Act, 1963* As in all contracts of insurance on property, the contract of Marine Insurance is based on the fundamental principles of Indemnity, Insurable Interest, Utmost Good Faith, Proximate Cause, Subrogation and Contribution.