marine, ocean

  • Insurance to cover property in process of transportation on shipboard. Differs from most insurance in that it is all risk and based on intent even though not specifically insured against.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).