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Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States. [3] Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
The commissioner’s office said the requirement will be limited to California, so in-state consumers will not be on the hook for the insurance costs of other high-risk areas, like the Gulf Coast.
Casualty insurance is a defined term [1] which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions. [ 2 ]
It should only contain pages that are Types of insurance or lists of Types of insurance, as well as subcategories containing those things (themselves set categories). Topics about Types of insurance in general should be placed in relevant topic categories .
Insurance contracts were traditionally written on the basis of every single type of risk (where risks were defined extremely narrowly), and a separate premium was calculated and charged for each. Only those individual risks expressly described or "scheduled" in the policy were covered; hence, those policies are now described as "individual" or ...
The earliest form of insurance is probably marine insurance, although forms of mutuality (group self-insurance) existed before that. Marine insurance originated with the merchants of the Hanseatic league and the financiers of Lombardy in the 12th and 13th centuries, recorded in the name of Lombard Street in the City of London, the oldest trading insurance market.
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