The history of insurance is related with marine. Marine insurance is very popular insurance policy. It’s very well known in the world. Chinese were applying their practice of insurance with marine. Marine insurance covers all type loss which is included with marine and marine service. Alike damage of cargo, terminal etc. marine insurance is early establish insurance policy with Greek and roman maritime loan. Fourteen century in northern Europe the marine insurance spread more widely.
Hull and machinery insurance is against of vessel. It’s also covers the voyage. Two type of loss is stay here one is total loss another one is constrictive loss. In actual loss only contain repair cost and contractive cost contains repair cost with salvage value. Marine insurance is very adventure. The insurer has a stake and an interest. In marine insurance has also other risk new building risk is one of them.
This risk covers the under construction properties. War is very important part of marine insurance. General insurance don’t cover the risk of those which are sailing into a war zone. Based on war risk, the London based war committee was established. Insurance law generally follows the terms condition and warranty. Basically a condition described about fundamental part of insurance.
Marine insurance act is very important chapter of marine insurance. Marine insurance act 1906 is the main part of marine insurance. These insurance policy always follow the rule of this act. Marine insurance act, 1906 has many individual sections. After all for all mariners and those people who are involve in marine service they should always be concern about marine insurance policy.