What is Marine Insurance?
Marine Insurance, sometimes called ocean marine insurance is coverage for goods in transit to guard and protect the insurer on inland waters or on any land risk against losses due to marine incident. It is a protection against the perils of the sea, including also the risks of fire, piracy and barratry.
Inland marine insurance is a category of marine insurance that protects the cargo that is not transported by sea, but use domestic transit instead. It is important because cargo sometimes requires transfer from one place to another during the course of shipment. So for the business owners’ part, if his goods had been damaged, he knows who’s going to be responsible for the loss.