Ocean Marine Insurance
What Is Ocean Marine Insurance?
Ocean marine insurance is insurance used to protect cargo, vessels and other items while they are being moved across the ocean. There are different types of conditions that cargo may face when being transported from one country to another. Ocean marine insurance is not limited to ships, but can also cover items traveling by air and land as well. Since the cargo is being transported by international areas, this insurance is not governed by any particular countries.
In Between 1864 and 1885 the company accepted the management of business for the Union Marine Insurance Company Ltd. The organization of Marine Insurance took great steps forward with the establishment and growth of an insurance market on Lombard Street in London, England and subsequently– since 1769–Lloyds of London. In 1908, Ocean Marine became a subsidiary of the North British & Mercantile Insurance Company Ltd, which itself became a company of the Commercial Union Assurance Company Ltd in 1959.
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