Marine Cargo Insurance
Definition - What does Marine Cargo Insurance mean?
Marine cargo insurance is sub-branch of marine insurance and a class of property insurance that covers the loss of or damage to goods or cargo while in sea transit.
Insuranceopedia explains Marine Cargo Insurance
Marine cargo insurance offers varying coverage, depending on the type cargo or goods, which could range from frozen meat and food and dry goods like cotton, coffee, refined sugar and tea, to oil, jute, and coal. As for the extent of coverage, it could provide protection from several perils, including but not limited to fire, capture, war, pirates, jettison, and thieves.
The Institute Cargo Clauses, a set of standards terms many international marine insurers voluntarily adopt, often indicate the extent of coverage, which could either be A, B, or C, with A being the most inclusive and C, the least inclusive.