WHAT EXACTLY IS MARINE CARGO INSURANCE?

What exactly is Marine Cargo Insurance?
Marine cargo insurance protects property as it travels from one location to another. The word “marine” conjures up images of the sea, and sea transits were foremost in the minds of the authors of the Marine Insurance Act 1906 (MIA). While the Act’s first sections refer to “marine losses,” “marine adventure,” and “maritime perils,” marine insurance departments also insure property conveyed by aircraft, road, and rail vehicles. Many transits, particularly international ones, necessitate two or more modes of transportation, and the Act provides for them.

 

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