Marine Insurance, the oldest branch of general insurance, deals with various risks arising during transit. Marine Cargo insurance specifically covers the goods/merchandise in transit by land, sea or air.
Beginning with the coverage of goods carried by sea, the Marine Cargo Insurance policy has evolved to cover the loss or damage to goods carried caused due to perils of : Fire Lightning Collision, overturning or derailment of land conveyance, sinking or stranding of ship & other risks customarily included in a Cargo insurance policy.
Marine Insurance deals with the interests of buyers & sellers of goods, who may be separated by long distances within/beyond a country. So it permits any one with existing/expected interest in safety of goods to purchase a policy. So a buyer/seller of goods/financer may purchase transit insurance.
However, at time of a loss, the (insurable) interest has to be specifically proved.
