Principles of Risk Management and Insurance, 13th Edition

Transportation Insurance

Billions of dollars of goods are shipped by business firms each year. These goods are exposed to damage or loss from numerous perils. The goods can be protected by ocean marine and inland marine contracts. Ocean marine insurance provides ­protection for goods transported over water. All types of oceangoing vessels and their cargo can be insured by ocean marine contracts; the legal liability of ship owners and cargo owners can also be insured.

Inland marine insurance provides protection for goods shipped on land. It includes insurance on imports and exports, domestic shipments, and means of transportation such as bridges and tunnels. In addition, inland marine insurance can be used to insure fine arts, jewelry, furs, and ...