Features of Marine Insurance Contract | Marine Insurance | Dr. Sahil Roy

FEATURES OF MARINE INSURANCE CONTRACT
Feature of general insurance contract
Insurable interest
Utmost good faith
Indemnity
Subrogation
Warranties (section 35 of Marine insurance act)
Express – written on the face of the policy + imposed some obligation.
Implied – not expressly written but implied by nature (three important warranties are as follows)
Sea worthiness of the ship
Legality of the venture
others
1. Sea worthiness of ship – it is an important warranty that the vessel or ship should be in sea worthiness condition at the commencement of the voyage. A ship is in a condition of sea worthiness if it is:
i. suitable constructed
ii. Adequately equipped
iii. Well repaired
iv. Properly managed
v. sufficiently fuelled
vi. Capable of withstanding the ordinary strain of and stresses of the voyage

2. Legality of venture – (Section 42 of marine insurance act)voyage and adventure must be lawful and not illegal.

3. Other warranties –
1. no change in voyage
2. no delay in voyage
3. non deviation
4. no implied warranty of nationality
5. warranty of goods safety

7. Proximate cause
8. Assignment
9. Premium and return of premium in marine insurance
10. Non-deviation of voyage
deviation is allowed in certain conditions such as:
when it is beyond the control of master or the crew.
if allowed under warranty
done for the safety of ship, cargo or human life
Barratry – unlawful or fraudulent acts by the crew of the vessel.