Marine Insurance

Marine Insurance

A type of insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel. A valued marine policy pays up to, or in its entirety, the specified value in the event of a total loss. It differs from an unvalued marine policy where the value of the property would be determined following the event of a loss. Marine insurance provides coverage against losses sustained by ships, cargo and terminals.

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