Ocean Marine Insurance
Definition of "Ocean marine insurance"
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils insured against include collision of the ship with another ship or object; the ship sinking, capsizing, or being stranded; fire; piracy; jettisoning (throwing overboard of property to save other property); barratry (fraud or other illegal act by a ship's master or crew, resulting in damage or destruction of the ship and/or cargo), and various other liability exposures. To be covered, an act cannot involve prior knowledge by the owner of the ship or its cargo. Excluded are wear and tear, dampness, decay, mold, and war.
Popular Insurance Terms
Form of insurance covering liability arising out of the provision or nonprovision of hospital services so as to have an action brought against the hospital for malpractice, error, or ...
Association comprised of 59 state and territorial emergency management directors having as its purpose the reduction of losses from natural disasters. The respective directors work directly ...
Feature of life and health insurance policies that stipulates that the policy represents the whole agreement between the insurance company and the insured, and that there are no other ...
Act in which volunteers of nonprofit organizations and government entities do not incur liability if they are acting within the scope of their volunteer activities, their actions do not ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Fairness (as an objective of insurance pricing). Premium rates are set according to expectation of loss among a classification of policy owners. The premise is that all insureds with the ...
Choice an employee can make of receiving higher private pension benefits prior to eligibility for Social Security, and lower pension benefits thereafter. For example, employees taking early ...
Annuity that continues income payments as long as one annuitant, out of two or more annuitants, remains alive. For example, a married couple would receive an income for as long as both ...
Insurance contract that cannot be cancelled by the insurance company. Since the insurance policy is a UNILATERAL CONTRACT instead of a BILATERAL CONTRACT, the INSURED may cancel at will. ...
Have a question or comment?
We're here to help.