PRINCIPLE OF MARINE INSURANCE

Some principles of marine insurance are as follows:


Principle of insurable interest: In marine insurance also the insured must have the insurable interest in property which is insured same as other insurance contract . Interest must be present at the time of damage. Here insurable interest means that if goods reach safely to their destination then there is profit and if they don't then it is loss. Some of the insurable interest in marine insurance is :

• Owner of ship in his ship.

• passengers in their goods.

• owner of goods in his goods.

• Person who charges freight in that freight.

Principle of implied warranties:These are the certain facts related with contract, which we don't need to explain clearly and specifically. Hence implied warranties are those warranties which are followed even if they are not mentioned clearly in the contract.Some of the warranties are as follows:

• Worthiness of ship

• Non-deviation of ship

• Legality of venture