What type of coverage could be sought for shipment loss of owned goods?

The appropriate coverage for shipment loss of owned goods is marine insurance. This type of insurance specifically addresses the risks associated with the transport of goods over water, as well as various other modes of transportation. Marine insurance safeguards the policyholder against financial losses resulting from damage to, or loss of, cargo being transported, which may occur due to a variety of risks such as theft, weather-related incidents, or mishaps during loading and unloading.

While cargo insurance could also seem relevant, it is a subcategory that specifically focuses on insuring the cargo itself, primarily during land transportation. Liability insurance, on the other hand, is designed to cover legal liabilities rather than direct losses of goods. Transit insurance encompasses a broader scope, including goods being transported over both land and water, which means it can sometimes overlap with marine insurance but is not exclusively defined for waterborne shipments. Therefore, when specifically referring to loss of owned goods in transit, marine insurance is the most direct and relevant type of coverage.