Marine Insurance Act 1963

Topics: Insurance, Warranty, Marine insurance Pages: 27 (11413 words) Published: September 6, 2011
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. 306 are either of the like kind or may be designated by the policy; (f) "movables" means any movable tangible property, other than the ship, and includes money, valuable securities and other documents; (g) "policy" means a marine policy; (h) "ship" includes every description of vessel used in navigation; (i) "suit" includes counterclaim and set-off. MARINE INSURANCE Marine insurance defined. 3. Marine insurance defined. A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure.

Mixed sea and land risks. 4. Mixed sea and land risks. (1) A contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage. (2) Where a ship in course of building, or the launch of a ship, or any adventure analogous to a marine adventure, is covered by a policy in the form of a marine policy, the provisions of this Act, in so far as applicable, shall apply thereto, but, except as by this section provided, nothing in this Act shall alter or affect any rule of law applicable to any contract of insurance other than a contract of marine insurance as by this Act defined. Explanation.--"An adventure analogous to a marine adventure" includes an adventure where any ship, goods or other movables are exposed to perils incidental to local or inland transit. Lawful marine adventure. 5. Lawful marine adventure. Subject to the provisions of this Act, every lawful marine adventure may be the subject of a contract of marine insurance. INSURABLE INTEREST Avoidance of wagering contracts. 6. Avoidance of wagering contracts. (1) Every contract of marine insurance by way of wagering is void. (2) A contract of marine insurance is deemed to be a wagering contract-- (a) where the assured has...
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