Marine Adventure Paved Way To Marine Insurance: A Legal Study

Ms. G. Bowshi Latha, Faculty of Law, CMR School of Legal Studies, CMR University

Ms. N. M. Gayathri, Assistant Professor, CMR School of Legal Studies, CMR University

ABSTRACT

The study discusses about the Marine Insurance, which transfers the risk from one person to the other, and effects on the participants who might be the businessman facing economic loss; ship owner facing destruction of his ship or not receiving freight charge; cargo owner who is responsible for the goods under risk and government which receives economic profit. The need for marine insurance would be remembered only when marine adventure takes place, which is nothing but marine voyage that exposed to perils of the sea or loss or risk. Thus, the complete study focuses on marine adventure which results in the claiming process of marine insurance, under which the introduction part deals with the history and evolution of Insurance and Marine Insurance. Objectives of the study are well discussed in the study. The legal study is a doctrinal study and related information is gathered using secondary sources such as articles, books, judgements etc. Few articles were also reviewed in the study. The study concluded by saying that unless marine adventure takes place, there is no need for the concept of marine insurance and indemnification of losses by third party. Thus, when the transfer of goods takes place through sea, though the marine adventure happens to take place, at least economic losses can be compensated through marine insurance policies provided with set of coverage and limitations.

Keywords: Marine Insurance, Marine Adventure, Perils of Sea, Loss, Vessel, Cargo.