Marine Insurance: Nature and Scope — Classification of Marine policies — The salient features of the Marine Insurance Act, 1963, Insurable interest, Insurable value, Seaworthiness, Hull and Cargo Insurance

A Vashi importer has a container of machine parts on a ship that is somewhere in the Arabian Sea, heading for Nhava Sheva. The ship might sink, the cargo might be soaked by seawater, or the shipowner might face a claim from a third party. Who bears each of those risks, and how much can the importer recover if the goods are lost? The Marine Insurance Act, 1963 answers in 91 short sections, and this topic teaches you the map before the detail.

In two minutes

Marine insurance is a contract to indemnify the assured against losses incidental to a marine adventure (s.3); it is valid only if the assured has an insurable interest, it is measured by the insurable value, and in a voyage policy the ship must be seaworthy when the voyage begins.

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