Question

Explain the meaning of marine insurance.

Answer 1

1. Marine insurance is a contract of indemnity whereby the insurance company undertakes to indemnify the insured for the loss or damage to the ship, cargo or freight on account of a marine adventure.
2. It is a contract under which the insurer agrees to compensate the insured against risks incidental to a marine adventure.
3. A policy of marine insurance may be taken out for a particular period or for a particular voyage.