Marine insurance covers the loss or damage of
ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and nal destination. Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as “Hull and Machinery” (H&M). A more restricted form of cover is “Total Loss Only” (TLO), generally used as a reinsurance, which only covers the total loss of the vessel and not any partial loss.