Historically, which statement regarding Ocean Marine Insurance is true?

The statement that most marine policies are written on a standard form basis is true because the marine insurance industry, over time, has developed standardized forms that are widely accepted for many types of marine coverage. Standardized forms help streamline the underwriting process and make it easier for insurers and policyholders to understand the terms of coverage. These standard forms often address common risks associated with marine operations, such as cargo damage, hull damage, and liability.

While there are certainly custom-written policies tailored to meet specific needs of particular voyages or vessel types, the prevalence of standard forms in marine insurance provides a baseline of coverage that caters to the majority of marine activities. The other options highlight aspects of marine insurance that may not universally apply; for instance, not all marine insurance covers inland waterways, and while commercial vessels are a significant focus, marine insurance is also applicable to recreational vessels.