General Information about Marine Insurance

Marine Insurance definied a contract of marine insurance is a contract where by the insurer undertakes to indemnity the assured, in manner and to the extent there by agreed, against marine loss, that is to say, the losses incident to marine adventure.

Marine adventure and marine perils defined. Subject to the provision of this act, every lawful marine adventure may be the subject of a contract of marine insurance. In particular there is marine adventure where:

Any ship goods or other moveables are exposed to maritime perils. Such property is in this act, referred to as insurable property.

The earning or accuisition of any freight, passage money, commission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursement, is endangered by the exposure of insurable property to maritime perils.

Any liability to a third party may be insured by the owner of, or other person interested in or responsible for, insurable property, by reaseon of maritime perils.

Maritime Perils, means the perils consequent on, or incidental to the navigation of the sea, that is to say, perils of the seas, fire war perils, pirates, revers, thieves, captures seizured, restraints, and detainment, pf princes and people, jettisons, baratry, and any other perils, either of the like kind of which may be designated by the policy.