Which type of insurance is specific to each transaction in ocean marine policies?

The correct answer is that "special insurance" refers to coverage that is tailored for individual transactions within ocean marine policies. This type of insurance is designed to provide protection that is specific to the unique needs and risks associated with each particular voyage or shipment. Unlike standard policies that may cover broad categories, special insurance ensures that unique factors, such as the nature of the cargo, the route taken, and other transaction-specific details are taken into account.

In the context of ocean marine insurance, it is essential to have coverage that reflects the idiosyncrasies of each shipping situation. For example, certain goods may require special handling or carry higher risk, necessitating customized coverage. Special insurance addresses this need by providing flexible and specific protection tailored to the circumstances of each distinct marine venture.

Cargo insurance, protection and indemnity, and freight insurance are important components of ocean marine insurance, but they generally cover broader or more consistent types of risks rather than focusing on the individuality of each transaction. Cargo insurance primarily protects the physical goods being shipped, protection and indemnity covers the liability aspects for the shipowner, and freight insurance deals with the loss of freight costs. Special insurance stands out for its focus on the unique requirements of each shipping event.