What is Marine Policy?
Marine Policy An insurance policy covering loss or damage to cargo, vessels, or other interests during transit by sea, as governed by maritime insurance regulations.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Marine Policy” Used in Practice?
The shipper must obtain a Marine Policy covering all-risks before the cargo is loaded aboard the vessel for international transit.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Marine Policy?
An insurance policy covering loss or damage to cargo, vessels, or other interests during transit by sea, as governed by maritime insurance regulations.
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