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 ?
"More than 90 per cent of marine insurance operations are carried out outside the region through non-local insurers, which means a significant loss of premiums, moreover the situation does not reflect the strength and reality of the national economy and active trading movement."
Its participation formed part of its continued commitment to the development of the marine insurance industry, drawing on the experience of Dubai and the UAE as a leading global centre for shipping cargo and export and re-export goods.
Meftah further stated: "Dubai and the UAE are world leaders in marine insurance industry, which is critical to the maritime sector's competitiveness and attractiveness.
What people think of as traditional marine insurance is a type of coverage that primarily pertains to vessels and cargo over the ocean.
Lloyds of London with others there after modernize the marine insurance designing a basic marine insurance policy form as well and terms / condition / warranties / clauses etc which further developed in to modern form of most comprehensive insurance structure providing all necessary services to the community concerned making the trade and economy wheel go on and on.
He said that approved 'The Marine Insurance Bill 2017' to legislate the Marine Insurance Act had been drafted, which would cover the subjects including marine insurance, insurable interest, insurable value, disclosure and representation.
The total compensation paid for marine insurance totaled RO7,899,282 for liability insurance RO1,907,320 and for engineering insurance RO7,041,648.
Steven R Pozzi, division president, North America Commercial Insurance, said, 'By appointing Mark to this position, we are sending a clear message that Chubb intends to maintain and build its leadership position in the marine insurance marketplace.
Charleston, South Carolina insurance companies Maritime Insurance, LLC and Port City Holdings, LLC dba KSA Marine Insurance have merged to create a new entity, Maritime Insurance International, the companies said.
Rogers also holds the Certified Marine Insurance Professional designation and is an active member of the Tampa Bay Mariners Club Inc.
A senior ocean marine insurance and reinsurance executive, Miklus most recently was senior vice president at Guy Carpenter & Co., where he managed reinsurance client relationships for several leading U.S.
ocean marine insurance market on December 31, 2013.

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