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Where did marine insurance originated?

The Italian merchants who introduced the practice of marine insurance in England were known as Lombards who took their name from the name of the street of London. It is believed that from them originated the word Polizza- i.e a promise- which is the etymological root of the expression Policy.

What does marine insurance cover?

Marine insurance offers coverage for any damage or loss related to ships, cargo, terminals, transports, or transfer. Simply put, a marine insurance policy will cover any loss or damage surrounding the boat or watercraft.