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Marine insurance is always written on an occurrence basis, covering claims that arise out of damage or injury that took place during the policy period, regardless when claims are made. Policy features often include extensions of coverage for items typical to a marine business such as liability for container damage and removal of debris.
Traditionally, marine insurers such as the underwriters at Lloyd's of London covered cargo in the course of international commercial voyages by sea, providing coverage on an "all risk" basis: physical loss or damage from any cause was covered unless the policy specifically excluded that cause.
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 full coverage car insurance policy generally includes liability insurance and your state’s other minimum coverage requirements (if applicable), plus collision and comprehensive coverage ...
The Convention on Limitation of Liability for Maritime Claims is an IMO treaty that was concluded in London in November 1976. It entered into force in 1986, and superseded the 1957 Brussels Convention of the same name. As of October 2016, 54 states are party to the convention. [1]
With state-mandated liability coverage, your insurer only covers damage to others, so no deductible applies. ... If you have a car loan or lease, most vehicle financing agreements require a ...
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