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Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
A form of what is now called general average was included in the Lex Rhodia, the Rhodes Maritime Code of c. 800 BC. [4] Julius Paulus quoted from the law around the turn of the 3rd century, and these quotes are preserved, and an excerpt is included in Justinian's 6th-century Digest of Justinian (part of the Corpus Juris Civilis), although the Lex Rhodia is itself now lost.
Inland marine insurance is an insurance category in the United States that indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. The term marine is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are ...
ACE USA Updates Marine Open Cargo Policy to Consolidate Coverage in a Single Form PHILADELPHIA--(BUSINESS WIRE)-- ACE USA, the U.S.-based retail operations of the ACE Group, today announced the ...
Project cargo is a term used to broadly describe the national or international transportation of large, heavy, ... (Delay in Start Up) Marine Insurance, a specialized ...
Governments are very concerned with cargo shipment, as it may bring security risks to a country. Therefore, many governments have enacted rules and regulations, administered by a customs agency, for the handling of cargo to minimize risks of terrorism and other crime. Governments are mainly concerned with cargo entering through a country's borders.
An independent marine surveyor may be asked to carry out a wide range of tasks, including examining a ship's cargo or onboard conditions such as fuel quality; investigating accidents at sea (e.g., oil spillages or failure of machinery or structures which are not considered to be critical); and preparing accident reports for insurance purposes ...
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