Under the Marine Insurance Act, 1963, a 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. The Act provides that a contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage. Every lawful marine adventure may be the subject of a contract of marine insurance. Subject to the provisions of this Act, every person has an insurable interest who is interested in a marine adventure.
