ABSTRACT
This chapter focuses on marine insurance and cargo loss control, directly impacting risk transfer and mitigation in the goods imported and exported worldwide. Marine insurance is one of the oldest forms of insurance in the world and many historians point to the risks established with early cargo shipments on sailing vessels that began the process of insuring these transportation risks, which led to the modernization of insurance in general, to what we have today as a multibillion-dollar industry in six continents. Cargo insurance needs to have provisions that fall in line with the risks involved in how freight moves from various origins to multiple destinations. Marine cargo insurance underwriters are very willing typically to extend marine policies for goods held in storage through agreement and endorsement. War SRCC (strikes, riots, and civil commotion) is excluded from typical cargo policies and added on as an endorsement or as an extension of the primary coverages.
