Coverage for goods in transit, and for the commercial vehicles that transport them, on water and over land. The term may apply to inland marine but more generally applies to ocean marine insurance. Covers damage or destruction of a ship's hull and cargo and perils include collision, sinking, capsizing, being stranded, fire, piracy, and jettisoning cargo to save other property. Wear and tear, dampness, mold, and war are not included. (See Inland marine insurance, Ocean marine insurance )

"Marine Insurance" In Context

"THE marine insurance market has been summed up as relatively flat but this is no bad thing considering that 2011 could turn out to be the worst natural catastrophe year on record, according to the latest marine insurance report from global broker Lockton ..."