What does Marine Insurance mean? Read on to discover the definition & meaning of the term Marine Insurance - to help you better understand the language used in insurance policies.
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. The two branches of marine insurance are ocean marine (primarily water-based exposures) and inland marine (primarily land-based exposures).
We hope the you have a better understanding of the meaning of Marine Insurance.