The Marine Insurance Act, 1963

The Marine Insurance Act, 1963 is a legislation that regulates the terms and conditions of marine insurance policies in India. The act defines marine insurance as a contract in which the insurer undertakes to indemnify the insured against losses related to marine adventures, including marine hull, cargo, freight, and other interests. The act lays down the rights and obligations of the parties involved in a marine insurance contract, including the insurer, the insured, and the intermediaries. It also provides for the appointment of surveyors and arbitrators in case of disputes. The act has undergone several amendments over the years, with the latest amendment being made in 2017.