Marine Insurance -
According to Section 3 of the Marine Insurance Act, 1963 " A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to Marine Adventure."
What police you must specify-
According to Section 25 of the said Act, Marine. She must specify-
(1) the name of the assured, ore of some person who affects the insurance on his behalf;
(2) the subject-matter insured and the risk insured against.
(3) the voyage, or period of time, both, as the case may be, covered by the insurance;
(4) the sum or sums insured;
(5) the name or names of the insurer or insurers
Contract must be embodied in policy-
According to Section 24 of the marine insurance act 1963, A contract of marine insurance shall not be admitted in evidence unless it is embodied in a Marine policy in accordance with this act (Marine Insurance Act 1963). The policy may be executed and issued either at the time when the contract is concluded or afterwards.
Signature of Insurer -
According to section 26 of the said Act -
(1) A Marine policy must be signed by or on behalf of the insurer.
(2) Where a policy is subscribed by or on behalf of two or more insurers, each subscription unless the contrary be expressed, constitutes a distinct contract with the assured.
Construction of terms in policy -
According to Section 32 of the Marine Insurance Act 1963-
(1) A policy may be in the form in this schedule.
(2) Subject to the provisions of this Act, ( Marine Insurance Act 1963) and unless the context of the policy otherwise requires, the terms and expressions mentioned in the schedule shall be construed as having scope and meaning assigned to them in the schedule.
Assignment of Policy -
When and how policy is assignable- according to Section 52-
(1) A Marine Policy may be transferred by assignment unless it contains terms expressly prohibiting assignment. It may be assigned either before or after loss.
(2) where A marine policy has been assigned so as to pass the beneficial interest in such policy, the assignee of the policy is entitled to sue thereon in his own name; and the defendant is entitled to make any defense arising out of the contract which he would have been entitled to make if the suit had been brought in the name of the person by all on behalf of whom the policy was effected.
(3) a marine policy may be assigned by endorsement thereon or in other customary manner.
Assured who has no interest cannot assign-
Double Insurance -
Section 34 of the Marine Insurance Act 1963, speaks about Double insurance, According to Section 34 -
(1) Where two or more policies are effected by or on behalf of the assured on the same adventure and interest or any part thereof, and the sums insured exceed in the indemnity allowed by this Act, the assured is said to be over-insured by Double Insurance.
(2) where the assured is over-insured by Double Insurance-
(a) the assured, unless the policy otherwise provides, main claim payment from the insurers in such order as he may think fit, provided that he is not entitled to receive any sum in excess of the indemnity allowed by this Act;
(b) Where the Policy under which the assured claims is a valued policy, the assured must give credit as against the valuation, for any sum received by him under any other policy, without regard to the actual value of the subject-matter insured;
(c) where the Policy under which the assured claims is an unvalued policy he must give credit, as against the full insurable value, for any sum received by him under any other policy;
(d) where the assured received any sum in excess of the indemnity allowed by this Act, He is deemed to hold such some in trust for the insurers, according to the right of contribution among themselves.
Marine Insurance : Meaning, Definition and Types of Marine Insurance