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Texas Insurance Code - INS § 1807.001. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

In this chapter:

(1) “Insurable property and interests” includes:

(A) goods, freights, and cargoes;

(B) merchandise;

(C) effects;

(D) disbursements;

(E) profits;

(F) money, bullion, and precious stones;

(G) securities;

(H) choses in action;

(I) evidences of debt;

(J) valuable papers;  and

(K) bottomry and respondentia interests.

(2) “Marine insurance” means:

(A) insurance and reinsurance that covers:

(i) loss or damage to:

(a) a hull, vessel, or craft of any kind, an aid to navigation, a dry dock, or a marine railway, whether complete, under construction, or awaiting construction;  or

(b) insurable property and interests in respect to, appertaining to, or in connection with a risk or peril of navigation, transit, or transportation:

(1) on or under a sea, lake, or river or other water, in the air, or on land in connection with or incident to export, import, or waterborne risks;

(2) while being assembled, packed, crated, baled, compressed, or similarly prepared for shipment;

(3) while awaiting shipment;  or

(4) during any delay, storage, or transshipment or reshipment incident to the initial shipment;

(ii) a marine builder or repairer risk;

(iii) a marine protection or indemnity risk;  or

(iv) a war risk regarding any insurable property or interest described by this section;  and

(B) insurance defined as marine insurance by another statute, lawful custom, or rule adopted by the commissioner.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1807.001. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1807-001/

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