Marine insurance may be defined as an agreement where by the insurer undertakes to indemnify the assured, in the manner and to the extent hereby agreed, against marine loses, that is to say, the losses incidental to marine adventure. Though, to begin with, Marine insurance evolved as a contract insuring ocean transit of cargoes, overland and air transits also came to be insured under marine policies, in course of time. Accordingly, all types of transits, i.e., sea, road, rail, air and registered post are now insured under marine policies.
The Marine Cargo business is universal in the sense that the practice followed by the insurers in the world is more or less uniform and it reflects the principles and practices prevailing in the London Market, popularly known as ‘LLOYDS’. The Law of Marine insurance obtaining in UK has been adopted in India and codified as Marine Insurance Act in 1963 and the conduct of Marine insurance Business is governed by this Marine Insurance Act and the rules and regulations framed by respective insurer.
The Marine Cargo business is universal in the sense that the practice followed by the insurers in the world is more or less uniform and it reflects the principles and practices prevailing in the London Market, popularly known as ‘LLOYDS’. The Law of Marine insurance obtaining in UK has been adopted in India and codified as Marine Insurance Act in 1963 and the conduct of Marine insurance Business is governed by this Marine Insurance Act and the rules and regulations framed by respective insurer.
