Marine Insurance

Introduction:

The marine of transportation insurance policy provides protection against the loss of goods during its transportation from one place to another place Formerly, the term marine insurance was reserved only for the goods transported by ship But today, marine insurance is available for both goods shipped over water or land cargo. In case of marine insurance, the insurance company promise to compensate the losses resulting from fire, theft, robbery or any sort of other accident during the transportation of goods from one place to another

Definitions: Alan Issacs says

“That Marine insurance is the insurance of ships or their cargo against specified causes of loss of damage that might be encountered at sea”

F. E Perry says.

That Marine insurance is a contract by which Dfa Ho under writers engage to indemnify the owner of a ship, cargo or freight against losses from certain perils or sea risk to which then ship or cargo may be exposed”