The Marine Insurance Act, 1963

(1) This Act may be called the Marine Insurance Act, 1963. (2) It shall come into force on such date 1as the Central Government may, by notification in theOfficial Gazette, appoint.

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 tocarry his own goods or other movables, as well as freight payable by a third party, but does notinclude passage money; (c) "insurable property" means any ship, goods or other movables which are exposed to maritimeperils; (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 otherpecuniary benefit, or the security for any advances, loans, or disbursements is endangered by theexposure of insurable property to maritime perils; (iii) any liability to a third party may be incurred by the owner of, or other person interestedin 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, restraintsand detainments of princes and peoples, jettisons, barratry and any other perils which are either of thelike 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 counter-claim and set-off.

A contract of marine insurance is an agreement whereby the insurerundertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marinelosses, that is to say, the losses incidental to marine adventure.

(1) A contract of marine insurance may, by its express terms, or byusage of trade, be extended so as to protect the assured against losses on inland waters or on any land riskwhich 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 marineadventure, is covered by a policy in the form of a marine policy, the provisions of this Act, in so far asapplicable, 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 asby this Act defined. Explanation.--"An adventure analogous to a marine adventure" includes an adventure where anyship, goods or other movables are exposed to perils incidental to local or inland transit.

Subject to the provisions of this Act, every lawful marine adventuremay be the subject of a contract of marine insurance.