DEFINITIONS

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.