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The importance of marine insurance Be it a small boats or large luxury motor cruisers, for most mariners, their boat is not only their pride and joy but also the second largest investment they will make in life, not only the initial purchase but the ongoing investment in new equipment and maintenance.

It might get damaged, lost or misplaced. Marine Insurance is a contract between the marine insurance company and the insured or the shippers under which the insurance company undertakes to compensate the losses to the ship, the cargo or the freight due to particular marine peril, during sailing in exchange of a consideration of a certain amount of money (premium). Marine insurance plays an important role in domestic trade as well as in international trade. Who is responsible for affecting insurance on the goods, which The British Columbia statute is the Insurance (Marine) Act, RSBC 1996 c. 230. Hence, to protect the cargo owner from the financial losses arising out of such cases, marine cargo insurance is issued against appropriate premium payment. Again insurance is defined as the equitable transfers of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care. Marine policies can be of different types and indemnify a loss based on various circumstances. In India, Marine Insurance Act, 1963, regulates various aspects of marine insurance. Insurance coverage taken for goods may be time bound or based on journey.

Insurance of the ship itself against any loss is known internationally as 'Hull and Machinery'.

Marine insurance is the contracts of insurance upon vessels of any description, including cargoes, freights & other interests which may be legally insured. 1.2.2 Provincial Insurance Acts Prior to the enactment of the Federal Marine Insurance Act many of the provinces had their own acts governing marine insurance.

6 Importance of Insurance to a Business Insurance is a form of risk management primarily used to hedge against the risk of potential financial loss.
Marine Cargo Insurance: Cargo owners are exposed to the risk of mishandling of the cargo at the terminal and during the voyage of the ship. The insurance company undertakes to make good the loss to the maximum value as agreed with the insured perils or risks.

In this article, we will learn about the importance of fire insurance coverage, its types, limitations, etc. This act is modelled on the English Marine Insurance Act of 1906.

Whatever be the transit by land, water or both and whether or not including warehouse risk or similar risk included among the risks insured against in marine insurance policies.

Marine insurance primarily involves insuring the cargo on board.

The Theory Explained Fire insurance is a type of insurance in which an individual pays some amount of money to the insurance company periodically, and in exchange, the company helps him/her out if and when that individual suffers loss or damage of property due to a fire.

Federal Marine Insurance Act, S.C. 1993, c.22. The marine insurance is governed by the national legal regimes.
Most contracts of sale require that the goods must be covered, either by the seller or the buyer, against loss or damage.

Loss is payable only when it has been proximately caused by the insured peril.