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Friday, July 22, 2011

What is marine insurace


marine insurance

Marine insurance has been outlined as a contract between insurers and insured whereby the insurer undertakes to indemnify the insured in an exceedingly manner and to the interest there by agreed, against marine losses incident to marine journey.

marine insurance
   
“Marine insurance business” suggests that the business of effecting contracts of insurance upon vessels of any description, as well as cargoes, freights and different interests which can be legally insured in or in relation to such vessels, cargoes and freights, foods, wares, merchandise and property of no matter description insured for any transit by land or water or each, and whether or not or not as well as ware house risks or similar risks additionally are as incidental to such transit and includes the other risks typically included among the risks insured against in marine insurance policies.





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