Ocean Insurance Work 1963

 Marine Insurance Act 1963 Essay

OCEAN INSURANCE ACT 1963

THE MARINE INSURANCE ACT, 1963 ACT NO . 11 OF 1963 [18th Apr, 1963. ] An Act to codify legislation relating to sea insurance. Whether it is enacted by Parliament in the Fourteenth Season of the Republic of India as follows: -Short title and commencement. 1 . Short subject and beginning. (1) This kind of Act may be called the Marine Insurance Act, 1963. (2) It shall come into force upon such date 1* as the Central Government may, by warning announcement in the Standard Gazette, designate. Definitions. 2 . Definitions. Through this Act, except if the circumstance otherwise needs, -- (a) " contract of underwater insurance" means a contract of marine insurance as defined by section 3; (b) " freight" includes the money derivable by a ship-owner through the employment of his dispatch to carry his own merchandise or various other movables, and freight payable by a alternative party, but is not sold with passage funds; (c) " insurable property" means any ship, products or additional movables that are exposed to maritime perils; (d) " sea adventure" involves any experience where-- (i) any insurable property can be exposed to maritime perils; (ii) the earnings or acquisition of any freight, passageway money, commission rate, profit or other pecuniary benefit, or perhaps the security for virtually any advances, financial loans, or disbursements is endangered by the exposure of insurable property to maritime challenges; (iii) any kind of liability to a third party may be incurred by the owner of, or various other person thinking about or in charge of, insurable property by cause of maritime perils; (e) " ocean going perils" means the challenges consequent about, or inesperado to, the navigation of the sea, that is to say, perils of the seas, fireplace, war challenges, pirates, rovers, thieves, reflects, seizures, restraints and detainments of princes and peoples, jettisons, barratry and some other perils which in turn --------------------------------------------------------------------- 1 ) 1st August 1963; vide Notification Number S. Um. 1925, old 8-7- 1963, see Feuille of India, Pt. 2, Sec. 3(ii), p. 2183. 306 are either from the like kind or could possibly be designated by policy; (f) " movables" means any movable concrete property, besides the deliver, and comes with money, beneficial securities and also other documents; (g) " policy" means a marine coverage; (h) " ship" contains every information of ship used in nav; (i) " suit" comes with counterclaim and set-off. UNDERWATER INSURANCE Sea insurance described. 3. Underwater insurance identified. A contract of marine insurance is a whereby the insurer performs to indemnify the certain, in the manner and also to the magnitude thereby arranged, against underwater losses, in other words, the deficits incidental to marine excitement.

Mixed ocean and terrain risks. some. Mixed marine and property risks. (1) A contract of marine insurance may, simply by its share terms, or by using trade, become extended so as to protect the assured against losses on inland seas or upon any land risk that could be incidental to any sea voyage. (2) Where a ship in course of building, or the release of a deliver, or any experience analogous into a marine excursion, is included in a policy as a sea policy, the provisions of the Act, in so far as applicable, shall apply thereto, but , except as by this section supplied, nothing from this Act shall alter or affect any rule of law relevant to any contract of insurance other than a contract of sea insurance because by this Work defined. Justification. --" An adventure analogous to a sea adventure" includes an excursion where any ship, merchandise or different movables experience perils incidental to community or inland transit. Legitimate marine excitement. 5. Lawful marine excursion. Subject to the provisions of the Act, just about every lawful marine adventure might be the subject of any contract of marine insurance. INSURABLE CURIOSITY Avoidance of wagering agreements. 6. Elimination of gambling contracts. (1) Every contract of marine insurance by using wagering can be void. (2) A contract of marine insurance is deemed to be a betting contract-- (a) where the confident has...


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