Physical loss

This clause establishes the value of the insured property, which determines the payout in case of marine losses. The value is on the purchase price, market value, or other agreed-upon criteria.

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Ship Damage

Maritime law has a well-established principle to determine liability when vessels collide and cause damage. According to this principle, the vessel responsible for the collision is held accountable for the damage.

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Freight refers to transporting goods or people via ships, barges, trains, trucks, or planes. Individuals, partnerships, or corporations can carry out this business.

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A port terminal, or terminal in maritime transport, is a specialized area where cargo and passengers shift between ships, trucks, and trains.

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