Marine Insurance
Introduction
It is said that marine insurance started sometime by the end 12th century in North Italy though some writers opine that it was in 3000 BC (not in the present form) when the Chinese merchants were dispersing their shipments along with several vessels with a view to minimize the damage to the shipments. Then a time came when the insurance of ships and cargo came in the form of bottomry that was essentially a monetary protection in the case the cargo is lost at sea or damaged. Then, the Danish sometime in 1132 started reimbursement of the loss occurring at sea. When Italian merchant came to England, they brought with them this practice of marine insurance. Since then it passed through various developments and the marine insurance in present form was the creation of Lloyds Association in 1774 in London. The merchants concerned with the marine insurance used to assemble In coffee house where the members of the Lloyds Association used to take marine insurance, or liability of marine perils, according to their financial position. Even today it is the leading party in whole of the world.
The marine insurance was modified from time to time and then each country passed its own law regulating the marine insurance. The Marine Insurance Act, 1906 was passed in England and the Indian marine insurance business was conducted according to the provisions of that Act.
At present in our country the Marine Insurance Act, 1963, guides the marine insurance. This Act was made in order to codify the law relating to marine insurance. The Objects and Reasons of this Act throw light on what was the necessity for enacting this Act. According to it, the Indian Navy and Indian Shipping have undergone considerable expansion since Independence. As there was no Indian legislation to govern the marine insurance, it continued to be governed by the British Marine Insurance Act, 1906. At the same time the insurance contracts in India also became subject of the Indian Contract
It is said that marine insurance started sometime by the end 12th century in North Italy though some writers opine that it was in 3000 BC (not in the present form) when the Chinese merchants were dispersing their shipments along with several vessels with a view to minimize the damage to the shipments. Then a time came when the insurance of ships and cargo came in the form of bottomry that was essentially a monetary protection in the case the cargo is lost at sea or damaged. Then, the Danish sometime in 1132 started reimbursement of the loss occurring at sea. When Italian merchant came to England, they brought with them this practice of marine insurance. Since then it passed through various developments and the marine insurance in present form was the creation of Lloyds Association in 1774 in London. The merchants concerned with the marine insurance used to assemble In coffee house where the members of the Lloyds Association used to take marine insurance, or liability of marine perils, according to their financial position. Even today it is the leading party in whole of the world.
The marine insurance was modified from time to time and then each country passed its own law regulating the marine insurance. The Marine Insurance Act, 1906 was passed in England and the Indian marine insurance business was conducted according to the provisions of that Act.
At present in our country the Marine Insurance Act, 1963, guides the marine insurance. This Act was made in order to codify the law relating to marine insurance. The Objects and Reasons of this Act throw light on what was the necessity for enacting this Act. According to it, the Indian Navy and Indian Shipping have undergone considerable expansion since Independence. As there was no Indian legislation to govern the marine insurance, it continued to be governed by the British Marine Insurance Act, 1906. At the same time the insurance contracts in India also became subject of the Indian Contract