Marine Insurance

Marine insurance is an important component of international trade and commerce and

subject to international regulations in every stage of operations. It is governed by the
Marine Insurance Act 1963 in India and guided by the various clauses formulated by the
Institute of London Underwriters (ILU) and the international commercial terms known as
‘Incoterms’. This paper analyses the legal aspects the marine insurance in India and
provides an overview and analysis of the Marine Insurance Act, 1963. It would mainly
focus on the types of marine insurance policies available and the perils of the sea. Marine
insurance Act excludes the peils caused due to general winds and waves during the
voyage which also effect the quality of the goods transported. This paper would analyse
if the current system is to be amended to include them as to help the shipping companies
to futher include them under the perview of the insuring companies and can
compensation be paid for such damages as well.

Research questions:
1. what are the types of marine insurance available?
2. Whether the current position of law on perils of sea is to be amended to benefit
the insurer?