Marine insurance, also known as transit insurance or transportation insurance, is the oldest form of insurance known to man. Rooted deep in history, most of the terminology used today is the same used from hundreds of years ago. Today, marine can mean ocean vessel, motor truck cargo, railway, and air cargo. Although air, railway, and motor truck cargo have each taken a portion of the marine market, ocean cargo remains a thriving industry due to the need for the transportation of heavy loads such as automobiles.
Generally speaking, marine insurance covers property while in transit, hence the name transportation insurance, or at an unnamed premises. The use of marine insurance plays a big role in many business operations, due to specific limitations that standard property policies have with respect to property not at a described premises.
Thomas Gregory Associates places marine insurance of all types on a regular basis, calling up years of experience and marketplace familiarity. For tougher risks with goods highly susceptible to damage, we partner with several specialty underwriters that provide the terms that we require for our clients.