marine insurance

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marine insurance:

see insuranceinsurance
or assurance,
device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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References in periodicals archive ?
Measure of indemnity for actual total loss is the insured value under the policy.
Leslie Buglass, author of Marine Insurance & General Average in the United States, citing English law, also states that "[i]f the effort required to either recover or refurbish the thing insured is too disproportionate an effort for the resulting operational entity, then the thing insured is an actual total loss.
That is, the valued policy law was neither intended nor written to apply where a first-party property carrier excludes certain causes or perils from coverage and only when those excluded perils or causes are combined with the covered peril or cause is there a constructive total loss or actual total loss.