Overview

Marine Insurance plays a very important role in industry especially when overseas trade is involved. Cargoes which are exported and imported need marine insurance as no prudent businessman will leave his cargo uninsured. The ship, its machinery and equipment needs to be insured against the perils of the sea. Unlike other classes of insurance, marine insurance is regulated substantially by a single Act - the Marine Insurance Act 1906. A contract of Marine Insurance is a contract whereby the insurer undertakes to indemnify the assured against losses incident to maritime adventure which includes exposure of ship, goods, earnings, profits and other pecuniary interests.