Marine Insurance Act 1963
MARINE INSURANCE ACT 1963
THE MARINE INSURANCE ACT, 1963 ACT NO. 11 OF 1963 [18th April, 1963.] An Act to codify the law relating to marine insurance. BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-Short title and commencement. 1. Short title and commencement. (1) This Act may be called the Marine Insurance Act, 1963. (2) It shall come into force on such date 1* as the Central Government may, by notification in the Official Gazette, appoint. Definitions. 2. Definitions. In this Act, unless the context otherwise requires,-- (a) "contract of marine insurance" means a contract of marine insurance as defined by section 3; (b) "freight" includes the profit derivable by a ship-owner from the employment of his ship to carry his own goods or other movables, as well as freight payable by a third party, but does not include passage money; (c) "insurable property" means any ship, goods or other movables which are exposed to maritime perils; (d) "marine adventure" includes any adventure where-- (i) any insurable property is exposed to maritime perils; (ii) the earnings or acquisition of any freight, passage money, commission, profit or other pecuniary benefit, or the security for any advances, loans, or disbursements is endangered by the exposure of insurable property to maritime perils; (iii) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property by reason of maritime perils; (e) "maritime perils" means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints and detainments of princes and peoples, jettisons, barratry and any other perils which --------------------------------------------------------------------- 1. 1st August 1963; vide Notification No. S. O. 1925, dated 8-7- 1963, see Gazette of India, Pt. II, Sec. 3(ii), p. 2183.
THE MARINE INSURANCE ACT, 1963 ACT NO. 11 OF 1963 [18th April, 1963.] An Act to codify the law relating to marine insurance. BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-Short title and commencement. 1. Short title and commencement. (1) This Act may be called the Marine Insurance Act, 1963. (2) It shall come into force on such date 1* as the Central Government may, by notification in the Official Gazette, appoint. Definitions. 2. Definitions. In this Act, unless the context otherwise requires,-- (a) "contract of marine insurance" means a contract of marine insurance as defined by section 3; (b) "freight" includes the profit derivable by a ship-owner from the employment of his ship to carry his own goods or other movables, as well as freight payable by a third party, but does not include passage money; (c) "insurable property" means any ship, goods or other movables which are exposed to maritime perils; (d) "marine adventure" includes any adventure where-- (i) any insurable property is exposed to maritime perils; (ii) the earnings or acquisition of any freight, passage money, commission, profit or other pecuniary benefit, or the security for any advances, loans, or disbursements is endangered by the exposure of insurable property to maritime perils; (iii) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property by reason of maritime perils; (e) "maritime perils" means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints and detainments of princes and peoples, jettisons, barratry and any other perils which --------------------------------------------------------------------- 1. 1st August 1963; vide Notification No. S. O. 1925, dated 8-7- 1963, see Gazette of India, Pt. II, Sec. 3(ii), p. 2183.