US: A type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process. The two branches of marine insurance are ocean marine (primarily water-based exposures) and inland marine (primarily land-based exposures).
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Coverage for goods in transit and the vehicles of transportation on waterways, land, and air.
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Insurance coverage primarily concerned with transportation exposures and property that is commonly moved around from place to place. In the United States, the field is divided between inland marine and ocean marine.
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UK: Marine Insurance Act, s. 1: a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.
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The business of effecting contracts of Insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatsoever description insured for any transit by land or water, or both, whether or not including warehouse risks or similar risks in addition to or as incidental to such transit and includes any other risks customarily included among the risks insured against the marine Insurance policies. Section 3 of the Marine Insurance Act, 1963 defined Marine insurance as — “A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure.”
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MEDICAL,USA: Type of insurance coverage for protection of cargo (goods) in transit and the vessels and vehicles of transportation (i.e., ocean transit, over land, and by air). Also called ocean marine insurance .