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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.
Marine insurers, accustomed to providing "all risk" coverage to cargo in transit, began competing in the insurance marketplace for these types of equipment and other "instrumentalities of communication and transportation". Despite the word marine, most inland marine coverages are for property on land, with property transported by water insured ...
In 1947, The Mutual Marine Conference became the Transportation Insurance Rating Bureau (TIRB). Its company practices focused primarily on tariff and regulatory declarations concerning travel insurance risks. The activities of the Rating Bureau slowly expanded to involve all threats of property. In 1975, TIRB became the American Association of ...
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.
Insurance became far more sophisticated in Enlightenment-era Europe, where specialized varieties developed. Lloyd's Coffee House was the first organized market for marine insurance. Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.
Indicating "FOB port " means that the seller pays for transportation of the goods to the port of shipment, plus loading costs. The buyer pays the cost of marine freight transport, insurance, unloading, and transportation from the arrival port to the final destination. The passing of risks occurs when the goods are loaded on board at the port of ...
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