A contract of marine insurance is an agreement whereby the
insurer undertakes to indemnify the insured, in the manner
and to the extent thereby agreed, against transit losses, that
is to say losses incidental to transit.
A contract of marine insurance may by its express terms or by
usage of trade be extended so as to protect the insured against
losses on inland waters or any land risk which may be
incidental to any sea voyage.
cargo insurance, which provides insurance cover in respect
of loss of or damage to goods during transit by rail, road,
sea or air.
Thus cargo insurance concerns the following :
export and import shipments by ocean-going vessels
of all types,
coastal shipments by steamers, sailing vessels,
mechanized boats, shipments by inland vessels or country craft, and
consignments by rail, road, or air and articles sent by post.