Marine insurance has been defined as a contract between insurer and insured whereby the insurer undertakes to indemnify the insured in a manner and to the interest thereby agreed, against marine losses incident to marine adventure.
Section 2(13)A of the Insurance Act 1938 defines marine insurance as follows:
“Marine insurance business” means the business of effecting contracts of insurance upon vessels of any description, including cargoes, freights and other interests.
Which may be legally insured in or in relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatever description insured for any transit by land or water or both, and whether or not including warehouse risks or similar risks in addition or as incidental to such transit and includes any other risks customarily included among the risks insured against in marine insurance policies.