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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.
Inland marine insurance is an insurance category in the United States that indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. The term marine is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are ...
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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.
The Lloyd's Open Form, formally "Lloyd's Standard Form of Salvage Agreement", and commonly referred to as the LOF, is a standard form contract for a proposed marine salvage operation. Originating in the late 19th century, the form is published by Lloyd's of London and is the most commonly used form for international salvage.
The Model Marine Insurance Act of 1922 regulated Marine insurance in the District of Columbia and was intended as a model for the states to follow. [1] It was passed on the initiative of the House Committee on Merchant Marine and Fisheries as being one of a series of steps necessary to improve the shipping trade and the commerce of the U.S, by putting them more on parity with other competing ...
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