Vishal Gautam, Amity Law School Patna
Introduction
Marine insurance is a specialized form of financial protection and risk management that provides coverage for a diverse range of perils and liabilities associated with the maritime industry. It is a complex and crucial component of global commerce and maritime activities, designed to mitigate the potential financial losses and uncertainties faced by individuals, businesses, and organizations engaged in maritime trade, transportation, and related activities.
At its core, marine insurance is a contractual arrangement between two parties: the insured (typically shipowners, cargo owners, or other stakeholders in maritime ventures) and the insurer (an insurance company or underwriting syndicate). The primary objective of marine insurance is to transfer and distribute the inherent risks and liabilities associated with maritime operations from the insured party to the insurer. In exchange for the payment of premiums, the insurer assumes the financial responsibility for certain defined risks, losses, or damages that may occur during the course of maritime activities.
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