What does Nationwide Marine Definition mean? Read on to discover the definition & meaning of the term Nationwide Marine Definition - to help you better understand the language used in insurance policies.
Nationwide Marine Definition
Specifies the types of property that may be insured on inland marine and ocean marine insurance forms. Qualifying property must generally be moveable, be in transit, or bear some other relationship to transportation or communication. The National Association of Insurance Commissioners (NAIC) adopted the Nationwide Marine Insurance Definition in 1953 and revised it in 1976. This definition is normally used to classify marine insurance, rather than as a definition of underwriting powers. Although the definition does not differentiate between ocean marine and inland marine, its primary focus is on inland marine classifications.
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