Marine insurance is a specialized form of insurance that provides coverage for transportation of goods and cargo by sea. It is a must-have for businesses or individuals involved in shipping and transportation. The term 'marine insurance' is interchangeable with terms such as 'ocean marine insurance,' 'cargo insurance,' or 'transit insurance.' Each phrase is used to refer to the same coverage but may be preferred over another depending on the context. Other related terms that can be used interchangeably with marine insurance include 'freight insurance,' 'vessel insurance,' and 'hull insurance.' These terms all describe insurance products that provide coverage to the marine industry.