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Question
Explain the meaning of marine insurance.
Answer in Brief
Solution
- Marine insurance is a contract of indemnity whereby the insurance company undertakes to indemnify the insured for the loss or damage to the ship, cargo or freight on account of a marine adventure.
- It is a contract under which the insurer agrees to compensate the insured against risks incidental to a marine adventure.
- A policy of marine insurance may be taken out for a particular period or for a particular voyage.
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