Question

Write short answers for the following :
What is Marine Insurance?

Answer 1

Under the marine insurance contract the insurer i.e. the insurance company undertakes to indemnify the insurer against the perils of the sea for a premium. The subject matter of marine insurance is a ship, cargo or freight.

A marine policy is taken either for a specified period or for a voyage. There is no surrender value of the marine policy. In case of damage, the insured can claim the market value of the ship and the cost of goods destroyed from the insurance company.