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Maritime Law
Word count: 840 | Approximate pages: 4
The value of many shipments depends upon fluctuations in the currency rates,
freight, handling charges, and other expenses. By means of insurance protection
will be provided to goods from any uncontrollable variables. A contract of
Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as:
"A contract whereby the insurer undertakes to indemnify the assured, in manner
and to the extent thereby agreed, against marine losses, that is to say, the
losses incident to marine adventure." The purpose of marine insurance is to
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