A strange insurance term to be sure. Seems like an oxymoron.
Marine insurance was defined by the National Association of Insurance Commissioners in 1953 and revised in 1976. Being a group of bureaucrats, the definition is long, ambiguous, and completely useless. Imagine holding a series of meetings on this in 1956 then doing it again in 1976. Me thinks they had too much time on their hands.
In effect, marine insurance is a class of insurance dealing with property involved in transportation.
Inland marine is property dealing with transportation that does not involve the ocean. Ocean property is, naturally, called ocean marine.
Moving a piece of property from fire insurance onto a marine insurance policy can mean more pricing flexibility for the underwriter as the rates are not as regulated. There is also more flexibility in coverage forms used.
Class dismissed.
Marine insurance was defined by the National Association of Insurance Commissioners in 1953 and revised in 1976. Being a group of bureaucrats, the definition is long, ambiguous, and completely useless. Imagine holding a series of meetings on this in 1956 then doing it again in 1976. Me thinks they had too much time on their hands.
In effect, marine insurance is a class of insurance dealing with property involved in transportation.
Inland marine is property dealing with transportation that does not involve the ocean. Ocean property is, naturally, called ocean marine.
Moving a piece of property from fire insurance onto a marine insurance policy can mean more pricing flexibility for the underwriter as the rates are not as regulated. There is also more flexibility in coverage forms used.
Class dismissed.
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