A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the insured, against marine losses, that is to say, the losses incidental to marine adventure. It is a contract of indemnity. It is a contract ‘uberrimae fidei”. It must have insurable interest. The doctrine of subrogation applies to it.
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- Marine Insurance
- Marine Insurance Claims
Marine Adventure: There is a marine adventure when;
- Any ship, goods or movable property(i.e. insurable property) is exposed to maritime perils;
- The earning or acquisition of any freight, passage money, commission, profit or other pecuniary benefit, or the security for any advances, loans or disbursements is endangered by the exposure of insurable property to maritime perils;
- Any inability to a third party maybe incurred by the owner of, or other person interested in, insurable property by reason of maritime perils.