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