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Overview of Marine Insurance Act 1963

The document discusses the key concepts in Marine Insurance (M.I Act 1963) including: 1) A contract of marine insurance is an agreement where an insurer indemnifies an assured against losses from marine adventures, which can include losses on land or water related to sea voyages. 2) There is a marine adventure when insurable property like a ship, goods, or other movable property is exposed to maritime perils during navigation at sea, such as fire, war, piracy, or seizures. 3) People have an insurable interest if they may benefit from the safe arrival of insurable property or be harmed by its loss or damage.

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Babasab Patil (Karrisatte)
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291 views9 pages

Overview of Marine Insurance Act 1963

The document discusses the key concepts in Marine Insurance (M.I Act 1963) including: 1) A contract of marine insurance is an agreement where an insurer indemnifies an assured against losses from marine adventures, which can include losses on land or water related to sea voyages. 2) There is a marine adventure when insurable property like a ship, goods, or other movable property is exposed to maritime perils during navigation at sea, such as fire, war, piracy, or seizures. 3) People have an insurable interest if they may benefit from the safe arrival of insurable property or be harmed by its loss or damage.

Uploaded by

Babasab Patil (Karrisatte)
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
  • Introduction
  • Contract of Marine Insurance
  • Marine Adventure
  • Maritime Peril
  • Insurable Interest
  • Insurable Values and Disclosure
  • Types of Marine Policy
  • Voyage
  • Losses and Rights of Insurer

Marine Insurance

(M.I Act 1963)

Contract of Marine Insurance


A contract of marine insurance is a contract whereby :An insurer undertakes to indemnity the assured against marine losses that is to say, the losses incidental to marine adventure. The contract may , by its express terms or by usage of trade , be extended so as to protect the assured against losses on land waters or any land risk which may be incidental to any sea voyage

Marine adventure
There is a marine adventure when:any ship, goods or moveable property (insurable property), earning etc is exposed to maritime peril.

Maritime peril
Maritime peril- means the perils consequent on or incidental to, the navigation of the sea. e.g., Fire, war perils, pirates, captures, seizers etc.

Insurable Interest
A person has insurable interest if he is interested in a marine adventure in consequence of which he may benefit by the safe arrival of the insurable property or be prejudiced by its loss, damage or detention.

Insurable values:It is the amount of valuation of an insurable interest for the purpose of insurance. Discloser:A contract of marine insurance is a contract of uberimae fidci which is based on at most good faith.

Types of Marine Policy


1) 2) 3) 4)

5)
6) 7) a) b)

Voyage policy Time policy Mixed policy Valued policy Open or unvalued policy Floating policy Wagering policy no interest void warranties in a contract of M.I:Express Warranties Implied Warranties

Voyage
The voyage to be performed by the ship must be described in the policy. The ship must follow the course specified in the policy. If the ship deviates of the voyage the insurer is discharged unless the deviation is excuses If there is change of voyage , the insurer is discharged.

Losses:Total Loss a) Actual total loss b) constructive total loss c) partial loss Rights of Insurer on payment 1) Right of subrogation 2)Right of contribution

Marine Insurance (M.I Act 1963)
Contract of Marine Insurance A contract of marine insurance is a contract whereby :- An insurer undert
Marine adventure There is a marine adventure when:- any ship, goods or moveable property (insurable property), e
Maritime peril “Maritime peril”- means the perils consequent on or incidental to, the navigation of the sea. e.
Insurable Interest A person has insurable interest if he is interested in a marine adventure in consequence of wh
Insurable values:- It is the amount of valuation of an insurable interest for the purpose of insurance. Discloser
Types of Marine Policy 1) Voyage policy 2) Time – policy 3) Mixed – policy 4) Valued policy 5) Open or unvalued poli
Voyage The voyage to be performed by the ship must be described in the policy. The ship must follow the course
Losses:- Total Loss a) Actual total loss b) constructive total loss c) partial loss Rights

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