ocean marine insurance

Marine insurance is the oldest known form of insurance, originating in the Middle Ages. It is a contract where one party agrees to indemnify another against risks associated with marine navigation in exchange for a payment.1

Ocean marine insurance specifically covers four main areas:
* The vessel or hull itself.2345
* The cargo being transported.2345
* Freight revenue the ship owner expects to receive.2345
* Legal liability for negligence by the shipper or carrier.2345

Policies include various clauses, such as the perils clause, which outlines covered risks like those of the sea, fire, and piracy, though war risks are typically excluded. Other important clauses address issues like general average, abandonment, and the insured's duty to minimize losses (sue and labour clause).5146