Marine Insurance Policy

Nalini Sharma24 Feb, 2022Finance

Marine insurance protects you against the risk of damage or loss to cargo, ships, or any other mode of transport by which commodities or property are transported, acquired, or held between the places of origin and the final destination. Under Section 3 of the Marine Insurance Act 1963, marine insurance is an arrangement between the insurer and the assured in which the insurer agrees to reimburse the assured. Ships, terminals, cargo, and any mode of transit by which products are transported, acquired, or held between places of origin and final destination are all covered by marine insurance. To learn more about the characteristics of a marine insurance policy, such as insurable interest, indemnity contract, subrogation principle, and others, go here.