Features of Marine Insurance

The following are the important features of marine insurance contract.

1. In this type of insurance cargo, ship and fright is to be insured.
2. There is a contract between insurer and insured.
3. The insured is liable to pay a certain amount to the insurer as premium for the insurance.
4. Insurance can be taken for a single journey or number of journeys during a period of time.
5. The insurer guarantees to indemnity the loss incurred by the insured from sea perils.
6. .Marine insurance can be taken against losses incurred in inland also.
7. It also includes third party insurance.

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