Marine Cargo Insurance

Marine cargo Insurance is the insurance of property as it moves from place to place. The word ‘marine’ conjures up the sea and foremost in the minds of the writers of the Marine Insurance Act 1906 (MIA) was indeed sea transits. While the Act in its opening sections refers to ‘marine losses’ and to the ‘marine adventure’ and to ‘maritime perils’, marine insurance departments insure property conveyed by aircraft and road and rail vehicles as well. Many transits, particularly international ones require two or more types of transport and the Act makes provision for them

The genre for this type of property is ‘Goods and or Merchandise’ that indicates traded goods. Also items of the assured’s own equipment can be insured, for example machinery, office furniture, samples and engineers tools and exhibition materials. Indeed just about everything has moved and as a result can be insured as the subject matter insured under a marine cargo policy.

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