Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport

or cargo by which property is transferred, acquired, or held between the points of origin
and final destination.

Cargo insurance—discussed here—is a sub-branch of marine insurance, though Marine

also includes Onshore and Offshore exposed property (container terminals, ports, oil
platforms, pipelines); Hull; Marine Casualty; and Marine Liability.

Marine Insurance Act, 1963

Under the Marine Insurance Act, 1963, a Contract of Marine Insurance has been defined
as 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. The Act provides that 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. Every lawful marine adventure may be the subject of a contract of
marine insurance. Subject to the provisions of this Act, every person has an insurable
interest who is interested in a marine adventure.