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Marine Insurance
Marine Insurance
The Nature of Marine Insurance
In a contract of marine insurance
the insurer undertakes,
in consideration of a premium,
to indemnify the assured against loss occasioned
by perils incident to a marine adventure.
Marine Insurance
The Nature of Marine Insurance
INSURER
INSURED
Pay premium
Indemnify against loss
The complex circumstances involved in sea voyages require very specific arrangements
for the provision of marine insurance.

(for example)
The fixing of rates and special conditions requires
a vast knowledge of the nature of vessels and cargo and of the conditions of navigation.
Marine Insurance
The Nature of Marine Insurance
Marine Insurance
1. Contract of indemnity
A contract of marine insurance
=
A contract of indemnity

the amount recoverable is measured by
the extent of the assured’s pecuniary loss.
Marine Insurance
2. Losses Incident to Marine Adventure
....

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