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Marine Insurance Contract : Article 3 of the Indian Marine Insurance Act, 1963 defines marine insurance contract as "It is an agreement whereby the insurer undertakes to indemnify the assured bin the manner and to extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure". Before we explain different aspects of the marine insurance contract, it should be clearly understood that the word "marine" used in the definition does not have any specific connotation. Despite the usage of this word, cargo insurance principles as stated in the definition are equally applicable to all modes of transport used in the carriage of goods.
STATUTORY BASIS : Exchange control was introduced in India with the outbreak of second World War on September 3, 1939. This was done by virtual of the emergency powers derived u
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NATURE OF CARGO INSURANCE POLICY A marine or cargo insurance policy has an international character and, therefore, a policy taken in one country is acceptable in other coun
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KINDS OF PERILS : The cargo insurance policy can be as wide as to cover all possible kinds of risk and losses to which cargo could be exposed in transit. The event which lead to l
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