Marine insurance and marine cargo insurance cover the loss or damage of vessels either at sea or inland waterways and cargo that are in transit, regardless of the method of transit.
When the owner of the cargo and the carrier are separate corporations, marine cargo insurance usually compensates the cargo’s owners for losses that are caused by fire, shipwreck, etc., but does not include losses that are recoverable from the carrier or the carrier’s insurance.
Many marine insurance underwriters will include the “time element” coverage for such policies, which extends the indemnity to cover losses in profit and other business expenses that are part of the delay caused by a covered loss.
Leave a Reply