Ocean Marine Insurance Law and Legal Definition
Ocean marine contracts are written to cover four major types of property interest namely, the vessel or hull, the cargo, the freight revenue to be received by the ship owner, and legal liability for negligence of the shipper or the carrier. Hull insurance covers losses to the vessel itself from specified perils. Perils insured against include collision of the ship with another ship or object, the ship sinking, capsizing, or being stranded, fire, piracy, jettisoning, barratry, resulting in damage or destruction of the ship and/or cargo. Cargo insurance may be an open contract under which shipments, both incoming and outgoing, are automatically covered for the interests of the Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo as a consequence of the occurrence of an insured peril. To be covered by ocean marine insurance, an act cannot involve prior knowledge by the owner of the ship or its cargo. Also, wear and tear, dampness, decay, mold, and war are excluded from the purview of ocean marine insurance.
Legal Definition list
- Ocean Freight Forwarder
- Ocean Dumping Ban Act of 1988
- Ocean Dumping Act
- Ocean Dumping
- Ocean Common Carrier
- Ocean Marine Insurance
- Ocean Thermal Energy Conversion Facility or Plantship
- Ocean Thermal Energy Conversion Plantship
- Ocean Transportation Brokerage
- Ocean Transportation Intermediary
- Ocean Transportation-Related Services
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
