marine insurance

Marine insurance, is a form of insurance that covers boats and other watercraft while they are on the water, in transit. Marine insurance is often times specific to trade boats, which transport goods and resources that could be costly. At some level, depending on the type of insurance, the boat owner, whether an individual or company, will generally be covered for lost goods, damage, and/or medical issues. However, marine insurance is available at varying levels and policies can differ as well. Quite similarly to the process of other types of insurance, marine insurance policy holders do pay into a policy towards an insurance company. The insurance company, in exchange for the premium, provides coverage in the event of an accident - insured parties file a claim, which is then processed and covered if determined to be valid.

Fast Facts

The concept of marine insurance dates back centuries into the past

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