The Marine Insurance Act, 1963

Every day, containers worth crores leave Nhava Sheva for ports on the other side of the world. The exporter cannot sail with the cargo and has no control over storms, collisions or pirates. So he buys marine insurance and hopes never to use it. But when a ship sinks or cargo arrives soaked, what must he prove, what must he have told the insurer, and how much will he get back? The Marine Insurance Act, 1963 answers each question in short, precise sections.

In two minutes

The Marine Insurance Act 1963 codifies the law of marine insurance: a contract to indemnify the assured against losses incidental to a marine adventure, valid only with insurable interest, based on utmost good faith, embodied in a policy, subject to strict warranties, and paid according to rules on total, partial and general average losses.

The rest of this chapter

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