What is IV in marine insurance?

Marine insurance covers the loss or damage of ships, cargo, terminals, and any other transport by which property is transported, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub branch of marine insurance, though marine insurance also includes onshore and offshore exposed property, hull marine causality and marine liability.
Marine insurance is always written on an occurrence basis, covering claims that arise out of damage or injury that took place during the policy period, regardless when claims are made. Policy features also include extensions of coverage for items typical to a marine business such as liability of container damage and removal of debris.
A deductible in marine insurance is the first amount of the claim that the policy holders bear themselves. There can occasionally be a zero deductible but in most cases a deductible applies to claims made under the policy of marine insurance.