Marine Insurance

Marine insurance is believed to be the oldest from of insrance.It is an attempt to minimize the loss due to perils of the sea in course of sea voyage.Marine insurance is an agreement where by the insurer undertakes to indemnify the insured,in the manner and to the extend they agreeaccident,collision of ships,stranding or going astary of the ship,Jettison,piracy explosion,sea dacoites stormy winds carusing losses to the ship and carge and many other perils of the sea.d,aganist marine losses,incidental tomarine adventure marine insurance policy mantions the situations for which the loss may be compensated.

Aare exposed to servel perils.It covers a large number of risks including sinking,burning of ship,cording to Arnold:'A contract where by ane party for on agreed consideration,undertakes to indemnifty the other aganist loss arising from certain perils and sea risks to which a shipment and other interest in a marine adventure may be exposed during a certain voya'This defenation includes various kinds of marine insurance.The ship and cargo during the travelling ge or a certain time.