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Special marine policy

An insurance policy which is issued to cover a single shipment. The special marine policy form calls for the name of the vessel and sailing date, points of shipment and destination, nature of commodity, description of units comprising the shipment, and the amount of insurance desired. This document is usually utilized on export shipments when the sale is financed through a bank letter of credit and evidence of insurance is a part of the required documentation. See bordereau; insurance certificate; open policy.

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