Marine Insurance comprises insurance of property against losses owing to the risks and hazards which are incidental to the navigation of the sea. The Marine Insurance Act, 1963 was enacted to codify the law relating to marine insurance. According to the provisions of the Act, contract of Marine insurance has been defined as an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure. Marine Insurance policies supports both small scale and large business organizations to reduce business risks. However, Marine insurance policy does not cover loss or damage arising due to willful misconduct, ordinary leakage, improper packing, delay, war, strike, riot and civil commotion. Marine insurance not only covers sea voyages but also ‘loss on inland waters or on any land risk which may be incidental to any sea voyage’. There are different kinds of Marine Insurance, such as, Marine import transit insurance Marine export transit insurance Marine inland transit insurance Marine insurance claim procedure Marine Hull.
