The marine insurance Act 1963 ,marine insurance an agreement whereby the insurer undertakes to indemnify the assured in the manner and to the extent thereby agreed against losses incidental to marine adventure.It may cover loss or damage to vessels, cargo or freight.the insurance nit only cover seagoing vessels but also transportation of goods by railor road in transit.Marine insurance covers the loss or damage of ships,cargo,treminal.Which property teanferred, acquired, or held between the points of origin and final destination.

FEATURES OF MARAINE INSURANCE

1)The principles of loss minimization is applicable to marine insurance

2)The principles of subrogation and contribution are applicable to marine insurance

3)Marine insurance is a contract of utmot good faith.if either party dose not disclose all those material facts,the other party can avoid the contract at any time 

4)Marine insurance is a contract of indemnity

5)Marine insurance policy must fulfil the essentials of a vaild contract such offer,acceptance ,agreement,lawful consideration,competent parties,free consent and legal object etc…

POLICIES OF  MARINE INSURANCE

1)Voyage policy

                         policy which the subject matter is insured for a particular voyage irrespective of the time involed in it.

2)Time policy

                    policy which the subject matter is insured for a definite period time.

3)Mixed policy

                  policy which the subject matter a combination of voyage and time policy and covers the risk for a particular voyage during a specified period of time

3)Valued policy

                   policy in which the subject matter insured is agreed up on between the insyrer and it is meantion in the policy itself.

4)Unvalued policy 

                          policy in which the value of the subject matter insured is nit agreed up on and mentioned in the policy.The insurable value is ascertained in the case of loss and insure is liable to pay only up to the actual loss.

5)Floating policy 

                       policy in which taken for a sum to cover several shipments.It is suitable for person who ship goods regularly .Such person purchase a policy for a lump sum amount  with out mentioning the value of goods and name of the ship.The name of theship and the particulars of goods are declared by the insured afterwards.When declarations are made the insurer will make an entry in the policy and the amount of policy will be reduced to that extent

MARINE INSURANCE POLICY CONDITIONS 

                         Entirely based on conditions.Appropriate condition are added to the policy in order to make the policies suitable for the different type's of contracts it.