A

Project Work

On

Marine Insurance and Marine Insurance Policy

Submitted to:
Dr. Y. Papa Rao Sir (Faculty of Insurance Law)

Submitted By:

Shubhankar Thakur

Roll no:-149

Semester-X- C

Date of Submission: 6th April 2018

Hidayatullah National Law University

i
 Declaration

I, Shubhankar Thakur, hereby declare that, the project work entitled, ‘Marine Insurance and
Marine Insurance Policy’ submitted to H.N.L.U., Raipur is record of an original work done by
me.

Shubhankar Thakur

Roll No. 149

Section C

Batch XIII

ii
 Certificate
I, Shubhankar Thakur, hereby declare that, the project work entitled, ‘Marine Insurance and
Marine Insurance Policy’ submitted to H.N.L.U., Raipur is made under the guidance of Dr. Y.
Papa Rao Sir, Faculty Member, H.N.L.U., Raipur.

Shubhankar Thakur

Roll No. 149

Section C

Batch XIII

iii
 Contents

Serial Topic Page No.

No.

1. Declaration ii

2. Certificate iii

3. Acknowledgment iv

4. Chapter-1: Introduction 7

5. MEANING OF MARINE INSURANCE 8

6. FEATURES OF MARINE INSURANCE 9

7. CHAPTER 2 : TYPES OF MARINE INSURANCE 18

8. TYPES OF POLICIES 20

9. Conclusion 22

10. Bibliography 25

iv
 Acknowledgement

First and Foremost, I take this opportunity to express my profound gratitude and deep
regards to my teacher Dr. Y. Papa Rao Sir (Faculty of Insurance Law) for his exemplary
guidance and encouragement throughout the course of this project. The blessing help and
guidance given by his time to time shall carry me a long way in the journey of life on which I am
about to embark.

I also take this opportunity to express a deep sense of gratitude to IT lab staff and library
staff for their cordial support, valuable information and guidance which helped me in completing
this task efficiently.

Lastly, I thank almighty, my family and friends for their constant encouragement and
help without which this assignment would not be possible.

Shubhankar Thakur

Roll No. 149

Section C

v
 RESEARCH METHODOLOGY

The objective of this project is to get an overview of right to legal aid in India, so the major
sources of literature have been articles, research papers of academicians and reports of various
international organizations committed to bring an end to counterfeiting.

This is a doctrinal research which is descriptive and analytical in nature. Footnotes have been
provided wherever needed, to acknowledge the source.

vi
 INTRODUCTION

Marine Insurance is a contract under which the insurer undertakes to indemnify the insured

against losses, caused due to perils of the sea. Here perils of the sea include:

(a) Sinking of ship.

(b) Damage to the ship and cargo due to dashing of the waves.

(c) Dashing of the ships on the rocks.

(d) Fire or explosion on the ship.

(e) Spoilage of cargo due to sea water.

(f) Destruction of the ship and cargo by the crew or captain of the ship, piracy and such other

risks.

Section 3 of the Marine Insurance Act, 1963 defines a contract of marine insurance as an

insurance cover for marine cargo, air cargo and post parcels. Thus, marine insurance is used to

cover transportation by any of the following modes of transit singly or jointly:

(a) Sea, air or land.

(b) Inland water voyages.

(c) Rail/road.

(d) Air.

(e) Post.

It provides insurance or protection to goods in 'transit' and also extends to storage of goods

provided such storage is incidental to transportation.

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MEANING OF MARINE INSURANCE

Cargo (Marine) insurance is governed by the Marine Insurance Act, 1963, the Insurance Act,

cargo or marine insurance is an insurance cover for marine Insurance Act, cargo or marine

insurance is an insurance cover for marine cargo, air cargo and post cargo parcels. The purpose

of cargo insurance is to protect goods against physical loss or damage during transit. All export

consignments should preferably be insured even if the terms of sale do not provide for it. All

goods on consignment basis must be insured by the exporter only. Marine Insurance Contract is

an agreement whereby the insurance company (insurer) undertakes to indemnify the owner

(insured) of a ship or cargo against risks which are incidental to marine adventure. (Section 3 of

the Marine Insurance Act, 1963)1. The parties to a contract of insurance of follows:

1. The insurance company also known as underwriters who assume the liability when the

loss takes place.

2. The insured, i.e. the one who either procures an insurance policy or becomes beneficiary

thought the insurance.

A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the

insured, in the manner and to the extent thereby agreed, against transit losses, that is to say losses

incidental to transit. A contract of marine insurance may by its express terms or by usage of trade

be extended so as to protect the insured against losses on inland waters or any land risk which

may be incidental to any sea voyage.

1
https://www.policybazaar.com/commercial-insurance/marine.

viii
In simple words the marine insurance includes:

A. Cargo insurance which provides insurance cover in respect of loss of or damage to goods

during transit by rail, road, sea or air.

Thus cargo insurance concerns the following:

i. Export and import shipments by ocean-going vessels of all types,

ii. Coastal shipments by steamers, sailing vessels, mechanized boats, etc.,

iii. Shipments by inland vessels or country craft, and

iv. Consignments by rail, road, or air and articles sent by post.

B. Hull insurance which is concerned with the insurance of ships (hull, machinery, etc.).

FEATURES OF MARINE INSURANCE:

1) Offer & Acceptance:

It is a prerequisite to any contract. Similarly the goods under marine (transit) insurance will be

insured after the offer is accepted by the insurance company2. Example: A proposal submitted to

the insurance company along with premium on 1/4/2013 but the insurance company accepted the

proposal on 15/4/2013. The risk is covered from 15/4/2013 and any loss prior to this date will not

be covered under marine insurance.

2) Payment of premium:

An owner must ensure that the premium is paid well in advance so that the risk can be covered.

If the payment is made through cheque and it is dishonored then the coverage of risk will not

exist. It is as per section 64VB of Insurance Act 1938- Payment of premium in advance3.

2
https://www.policybazaar.com/commercial-insurance/marine.
3
https://www.slideshare.net/smgupta1947/marine-insurance

ix
3) Contract of Indemnity:

Marine insurance is contract of indemnity and the insurance company is liable only to the extent

of actual loss suffered. If there is no loss there is no liability even if there is operation of insured

peril.

Example: If the property under marine (transit) insurance is insured for Rs 20 lakhs and during

transit it is damaged to the extent of Rs 10 lakhs then the insurance company will not pay more

than Rs 10 lakhs.

4) Utmost good faith:

The owner of goods to be transported must disclose all the relevant information to the insurance

company while insuring their goods. The marine policy shall be voidable at the option of the

insurer in the event of misrepresentation, mis-description or non-disclosure of any material

information4.

Example: The nature of goods must be disclosed i.e. whether the goods are hazardous in nature

or not, as premium rate will be higher for hazardous goods.

5) Insurable Interest:

The marine insurance will be valid if the person is having insurable interest at the time of loss.

The insurable interest will depend upon the nature of sales contract5.

Example: Mr. A sends the goods to Mr. B on FOB (Free on Board) basis which means the

insurance is to be arranged by Mr. B. And if any loss arises during transit then Mr. B is entitled

to get the compensation from the insurance company.

4
https://www.slideshare.net/smgupta1947/marine-insurance
5
https://www.policybazaar.com/commercial-insurance/marine.

x
Example: Mr. A sends the goods to Mr. B on CIF (Cost Insurance and Freight) basis which

means the insurance is to be arranged by Mr. A. And if any loss arises during transit then Mr. A

is entitled to get the compensation from the insurance company.

6) Contribution:

If a person insures his goods with two insurance companies, then in case of marine loss both the

insurance companies will pay the loss to the owner proportionately.

Example; Goods worth Rs. 50 lakhs were insured for marine insurance with Insurance company

A and B. In case of loss, both the insurance companies will contribute equally.

7) Period of marine Insurance:

The period of insurance in the policy is for the normal time taken for a particular transit.

Generally the period of open marine insurance will not exceed one year. It can also be issued for

the single transit and for specific period but not for more than a year.

8) Deliberate Act:

If goods are damaged or loss occurs during transit because of deliberate act of an owner then that

damage or loss will not be covered under the policy.

9) Claims:

To get the compensation under marine insurance the owner must inform the insurance company

immediately so that the insurance company can take necessary steps to determine the loss.

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PRINCIPLES GOVERNING THE CONTRACT OF INSURANCE

The contracts or insurance are based on the following principles:

1. Principle of utmost good faith i.e. the insured must disclose to the insurer all the material
facts or circumstances which are known to him or which ought to be known to him in the
ordinary course of business6.

2. Principle of insurable interest i.e. no person can enter into a valid contract of insurance
unless he has insurable interest in the object or the life insured. Insurable interest is
understood as an interest in the preservation of a thing or continuance of a life,
recognized by law. Thus one can have an insurable interest only when one would stand to
benefit financially by the continuance of the life or object insured otherwise financial loss
would result. Thus, a person can take policy on his ship an owner of the goods can take
policy on cargo and person entitled to receive freight can take policy on freight 7. All such
persons have insurable interest in the subject matter. Without insurable interest such
contracts are merely wagering agreements which are not valid contracts.

3. Principle of indemnity i.e. the contracts of insurance only indemnify a loss resulting from
risk covered under the policy8. However the cargo owner are usually allowed a
reasonable anticipated profit. In other words we can say that the marine insurance policy
provides a commercial indemnity rather than indemnity in a strict legal sense.

4. Causal proxima: This principle implies that the insurer becomes liable to pay for loss if
the insured peril or risk is the proximate cause of loss9. Thus the insurer would not pay
for the loss to the goods if they are stolen because of unworthy packing in case the policy
covers the risk theft, pilferage and non delivery. In this case the proximate cause of loss is
the faulty packing which facilitated the goods to be stolen. Since this is not covered under
the risks specified in the policy the insurer would not indemnify the loss.

6
https://www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-policies
7
https://www.slideshare.net/smgupta1947/marine-insurance
8
https://www.slideshare.net/smgupta1947/marine-insurance
9
https://www.hdfcergo.com/commercial-insurance/marine-insurance-policy.html

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PROCEDURE TO INSURE UNDER MARINE INSURANCE:

A. Submission of form

B. Quotation from the Insurance Company

C. Payment of Premium

D. Issue of cover note/Policy

A) Submission of form:

The form will have the following information:

a) Name of the shipper or consignor (the insured).

b) Full description of goods to be insured: The nature of the commodity to be insured is

important for rating and underwriting. Different types of commodities are susceptible for

different types of damage during transit- sugar, cement, etc are easily damaged by sea water;

cotton is liable to catch fire; liquid cargoes are susceptible to the risk of leakage and crockery,

glassware to breakage; electronic items are exposed to the risk of theft, and so on.

c) Method and type of packing: The possibility of loss or damage depends on this factor.

Generally, goods are packed in bales or bags, cases or bundles, crates, drums or barrels, loose

packing, paper or cardboard cartons, or in bulk etc.

d) Voyage and Mode of Transit: Information will be required on the following points:

i. The name of the place from where transit will commence and the name of the place

where it is to terminate.

ii. Mode of conveyance to be used in transporting goods, (i.e.) whether by rail, lorry, air,

etc., or a combination of two or more of these. The name of the vessel is to be given

when an overseas voyage is involved. In land transit by rail, lorry or air, the number of

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 the consignment note and the date thereof should be furnished. The postal receipt number

and date thereof is required in case of goods sent by registered post.

iii. If a voyage is likely to involve a trans-shipment it enhances the risk. This fact should be

informed while seeking insurance. Trans-shipment means the change of carrier during the

voyage.

e) Risk Cover required: The risks against which insurance cover is required should be stated.

B) Quotation by insurance company:

Based on the information provided as above the insurance company will quote the premium rate.

In nutshell, the rates of premium depends upon10:

a) Nature of commodity.

b) Method of packing.

c) The Vessel.

d) Type of insurance policy.

C) Payment of premium:

On accepting the premium rates, the concerned person will make the payment to the insurance

company. The payment can be made on the consignment basis.

D) Issue of cover note /Policy document:

i) Cover Note:

A cover note is a document granting cover provisionally pending the issue of a regular policy. It

happens frequently that all the details required for the purpose of issuing a policy are not

available11. For instance, the name of the steamer, the number and date of the railway receipt, the

number of packages involved in transit, etc., may not be known.

10
https://www.slideshare.net/smgupta1947/marine-insurance
11
https://www.hdfcergo.com/commercial-insurance/marine-insurance-policy.html

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ii) Marine Policy:

This is a document which is an evidence of the contract of marine insurance. It contains the

individual details such as name of the insured, details of goods etc. These have been identified

earlier. The policy makes specific reference to the risks covered. A policy covering a single

shipment or consignment is known as specific policy.

iii) Open Policy:

An open policy is also known as ‘floating policy’. It is worded in general terms and is issued to

take care of all “shipments” coming within its scope. It is issued for a substantial amount to

cover shipments or sending during a particular period of time. Declarations are made under the

open policy and these go to reduce the sum insured12. Open policies are normally issued for a

year. If they are fully declared before that time, a fresh policy may be issued, or an endorsement

placed on the original policy for the additional amount. On the other hand, if the policy has run

its normal period and is cancelled, a proportionate premium on the unutilized balance is refunded

to the insured if full premium had been earlier collected13.

On receipt of each declaration, a separate certificate of insurance is issued. An open policy is a

stamped document, and, therefore, certificates of insurance issued thereunder need not be

stamped. Open policies are generally issued to cover inland consignments.

There are certain advantages of an open policy compared to specific policies. These are:

a) Automatic and continuous insurance protection.

b) Clerical labour is considerably reduced.

c) Some saving in stamp duty. This may be substantial, particularly in the case of inland

sendings.

12
https://www.slideshare.net/smgupta1947/marine-insurance
13
https://www.hdfcergo.com/commercial-insurance/marine-insurance-policy.html

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iv) Open Cover:

An open cover is particularly useful for large export and import firms-making numerous regular

shipments who would otherwise find it very inconvenient to obtain insurance cover separately

for each and every shipment. It is also possible that through an oversight on the part of the

insured a particular shipment may remain uncovered and should a loss arises in respect of such

shipment, it would fall on the insured themselves to be borne by them. In order to overcome such

a disadvantage, a permanent form of insurance protection by means of an open cover is taken by

big firms having regular shipments14. An open cover describes the cargo, voyage and cover in

general terms and takes care automatically of all shipments which fall within its scope. It is

usually issued for a period of 12 months and is renewable annually. It is subject to cancellation

on either side, i.e., the insurer or the insured, by giving due notice.

Since no stamps are affixed to the open cover, specific policies or certificates of insurance are

issued against declaration and they are required to be stamped according to the Stamp Act. There

is no limit to the total number or value of shipments that can be declared under the open cover.

 Distinction between “Open policy” and “Open cover”:

The open policy differs from an open cover in certain important respects. They are:

a) The open policy is a stamped document and is, therefore, legally enforceable in itself,

whereas an open cover is unstamped and has no legal validity unless backed by a stamped

policy / certificate of insurance15.

b) An open policy is issued for a fixed sum insured, whereas there is no such limit of amount

under any open cover. As and when shipments are made under the open policy, they have

14
https://www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-policies/
15
https://www.slideshare.net/smgupta1947/marine-insurance

xvi
 to be declared to the insurers and the sum insured under the open policy reduces by the

amount of such declarations. When the total of the declarations amounts to the sum insured

under the open policy, the open policy stands exhausted and has to be replaced by a fresh

one.

 Certificate of Insurance: A certificate of insurance is issued to satisfy the requirements of

the insured or the banks in respect of each declaration made under an open cover and / or

open policy. The certificate, which is substituted for specific policy, is a simple document

containing particulars of the shipment or sending. The number of open contract under which

it is issued is mentioned, and occasionally, terms and conditions of the original cover are

also mentioned. Certificates need not be stamped when the original policy has been duly

stamped

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 CHAPTER 2 : TYPES OF MARINE INSURANCE
I) WHY SHOULD CARGO BE INSURED?

There are many different things that can potential happen during shipment of cargo and container

on a ship. The loading cranes could damage the containers, theft and piracy, weather damage, as

well as potentially losing the cargo overboard or other marine disasters. All of these possible

issues are exactly why you need marine cargo insurance. Your goods need to be protected, and if

you are a company transporting goods this way, then you need to protect your company from

these potential issues of loss.

II) TYPES OF MARINE INSURANCE:

Following are different types of Marine Insurance.

1) Hull Insurance:

Hull and machinery insurance is to protect the ship owner’s investment in the ship. It is basically

a property insurance which covers the ship itself, the machinery and equipment16. Furthermore,

the insurance covers some liabilities, normally collision liability with another ship and

sometimes also liability for colliding with other objects than another ship.

Claims Included:

 Total loss of the ship.

 Damage to the ship, engines and equipment.

 Explosions and fire.

 Groundings – damage to the ship, salvage of the ship and possible contribution in general

average.

16
https://www.hdfcergo.com/commercial-insurance/marine-insurance-policy.html

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  Collisions – damage sustained to the ship and sometimes also liability towards the other

ship.

2) Cargo Insurance:

Cargo insurance (also called marine cargo insurance) covers physical damage to, or loss of your

goods while in transit by land, sea and air and offers considerable opportunities and cost

advantages if managed correctly.

Claims Included:

The ‘cargo’ transported by sea is subject to manifold risks such as:

 Loss or damage at the port and

 Loss or damage during the voyage.

3) Protection and indemnity (P&I):

Protection and Indemnity insurance, or “P&I” as it is usually called, is a ship owner's insurance

cover for legal liabilities to third parties. “Third parties” are any person, apart from the ship-

owner himself, who may have a legal or contractual claim against the ship17. P&I insurance is

usually arranged by entering the ship in a mutual insurance association, usually referred to as a

“club”18. Ship-owners are members of such clubs. Legal liability is decided in accordance with

the laws of the country where an accident takes place. The P&I insurance cover for contractual

liability is agreed at the time the owner requests insurance cover from the club and is usually in

accordance with the owner’s responsibility under crew contracts or special terms relating to the

trading pattern of the vessel.

17
https://www.slideshare.net/smgupta1947/marine-insurance
18
https://www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-policies/

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Loss of Crew Members’ Personal Effects:

P&I insurance also covers the owner’s liability for loss of crew belongings in cases of shipwreck

or fire on board. The cover only applies to items which are deemed to be reasonable for any crew

member to have with him on board. A crew member travelling with unusually expensive items,

such as laptop computers, gold watches etc should make sure that he has such items separately

insured.

TYPES OF POLICIES:

a) Special Declaration Policy:

This is a form of floating policy issued to clients whose annual estimated dispatches (i.e.

turnover) by rail / road / inland waterways exceed Rs 2 crores. Declaration of dispatches shall be

made at periodical intervals and premium is adjusted on expiry of the policy based on the total

declared amount. When the policy is issued sum insured should be based on previous year’s

turnover or in case of fresh proposals, on a fair estimate of annual dispatches19.

A discount in the rates of premium based on turnover amount (e.g. exceeding Rs.5 crores etc.) on

a slab basis and loss ratio is applicable.

b) Special Storage Risks Insurance:

This insurance is granted in conjunction with an open policy or a special declaration policy. The

purpose of this policy is to cover goods lying at the Railway premises or carrier’s godowns after

termination of transit cover under open or special declaration policies but pending clearance by

the consignees. The cover terminates when delivery is taken by the consignee or payment is

received by the consignor, whichever is earlier20.

19
https://www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-policies/
20
https://www.hdfcergo.com/commercial-insurance/marine-insurance-policy.html

xx
c) Annual Policy:

This policy, issued for 12 months, covers goods belonging to the insured, which are not under

contract of sale, and which are in transit by rail / road from specified depots / processing units to

other specified depots / processing units.

d) “Duty” Insurance:

Cargo imported into India is subject to payment of Customs Duty, as per the Customs Act. This

duty can be included in the value of the cargo insured under a Marine Cargo Policy, or a separate

policy can be issued in which case the Duty Insurance Clause is incorporated in the policy21.

Warranty provides that the claim under the Duty Policy would be payable only if the claim under

the cargo policy is payable22.

e) “Increased Value” Insurance:

Insurance may be ‘goods at destination port’ on the date of landing if it is higher than the CIF

and Duty value of the cargo.

21
https://www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-policies/
22
https://www.hdfcergo.com/commercial-insurance/marine-insurance-policy.html

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 CONCLUSION
Marine insurance is obligatory for all yacht and ship owners to obtain especially where the vessel
is lobe used for commercial or transportation purposes and where it will be carrying passengers,
workers, or cargo across international waters. It is important to not only obtain marine insurance
for your vessel a operating business, but to also obtain the most favorable insurance policy that
covers you for a variety of risks.

Benefit of obtaining marine insurance

The risks faced by boats at sea are numerous and as such, the liabilities imposed on vessel
owners can be financially crippling. The risks of injury or death to passengers and seamen are
also high as weather conditions and vessel damage while at sea, can be temperamental and
difficult to foresee. It is therefore imperative for boat owners to be covered with the most
appropriate form of marine insurance.
By obtaining a favorable insurance policy, cargo ships can ensure limited liability with regard to
damage or loss of expensive goods carried by the ship. Many ships transporting goods will be
expected to travel long distances and there therefore the risk of loss or damage can be relatively
high. A comprehensive marine insurance plan will ensure vessel operatives are protected and
liability is limited should the cargo be damaged in transit.
Marine insurance can be a complex industry to understand: it is suggested that vessel owners
seek the professional assistance of a yacht broker or professional consultancy firm that specialize
in guiding individuals in obtaining favorable marine insurance policies.
Comprehensive marine insurance is vital in order to protect the vessel, cargo, onboard
equipment, crew and passengers from harm. Marine insurance will also ensure the necessary
compensations are in place for the injured parties where passengers, crew or cargo are affected
while in transit.
The primary advantage of having a comprehensive and appropriate marine insurance plan is to
ensure complete protection and limited liability against the followings:
 Theft or hijack of vessel.
 Theft of on board cargo.
 Mistake in transportation (inappropriate handling).
 Accident while in convey (sinking or overturning).

xxii
  Variations in temperature causing complications.
 Compensation for illness, injury or death of persons on board the vessel.
 Collision.
 Pollution
 Cargo liabilities
 Labor and legal costs
Unlike many other forms of transportation vehicles: marine transport is subject to a broad range
of risks that are out of the control of the vessel operator. It is therefore essential for all ship and
yacht owners to have the appropriate insurance in place.

 Importance of Marine Insurance :- In the commercial age of today marine insurance

has become most important insurance in the field of insurance. The importance of marine
insurance is describe below in detail.
 Importance of Marine Insurance For The Individual:- A person has to import goods
from another country which is located on the other side of sea for his business. While
carrying goods from other side of sea businessman may have to face dacoits or goods
may be damaged because of sinking of ship into the water. So businessman has to
experience economic loss. By the result of lass person may be discouraged to engage in
business. But when one insures his/her popery in marine insurance does not have to face
with economic problem because marine insurance provides compensation to the insured
against the loss of property.
 Importance of marine Insurance for Ship-owner: - Expensive ship may be distroyed
due to different types of risks on the marine venture. Shipowner may have to experience
with larger amounts of loss due to the destruction of the ship. Marine insurance provides
compensation of loss to the shipowner. So, marine insurance is important insurance for
shipowners.
 Importance of Marine Insurance for Freight: - Freight insurance is also included
under the marine insurance. Freight refers to the revenue that a cargo ship earns or the
money which is paid to the ship owner for transportation of goods from one part to
another. If businessman does not pay freight of his goods to the shipowner, ship-owner
may have to experience economic loss. If such types of loss occur insurance company

xxiii
 indemnifies the shipowner to marine insurance. So marine insurance is very important for
the freight.
 Importance of Marine Insurance for CargoOwner:- A businessman wants to be
secured for his goo.. Especially countries which are located on the other side of sea
businessman may have to use marine venture. Marine insurance keeps them away from
worry and fear a all responsibility of cargo owner is transferred to the hand of insurance
company that provides compensation to the cargo owner if loss occurs.
 Importance of Marine Insurance for the Government: - International trade has been
increased due to the marine insurance. As international trade increases government also
can receive economic profit. Government increases revenue by including extra income
tax. So marine insurance is important for the government also.

xxiv
 BIBLIOGRAPHY:
1. M.N. Srinivasan, Principles of Insurance Law , Ramaiya Publishers, Banglore
2. Avatar Singh : Law of Insurance , Eastern Book Company, Lucknow

REFERENCE:
www.slideshare.net/nazfel/marine-insurance
www.policybazaar.com/commercial-insurance/marine
www.hdfcergo.com/commercial-insurance/marine-insurance-pol
www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-
policies

xxv