chapter  1
1 Pages

Introduction

A contract of marine insurance is not limited so as to cover only losses occurring at sea.

Similarly, there is no limitation on the classes of person who may take out a policy of marine insurance, provided he can show that he has an insurable interest. As to this, section 5 of the Marine Insurance Act 1906 provides:

It will be seen at a glance that these parameters are sufficiently wide to include, inter alia,

— Insurances against the risks incidental to shipbuilding, for the protection of shipbuilders and other contractors;

— Insurances on containers, for the benefit of container operators and others;

— Insurances for the benefit and protection of banks and other financial institutions;

— Insurances to protect general average contributors against the consequences of a subsequent accident on the voyage.