MARINE INSURANCE POLICIES IN INDIA: LEGAL FRAMEWORK, RISK ALLOCATION, AND PRACTICAL CHALLENGES UNDER THE MARINE INSURANCE ACT, 1963

AUTHOR – HARSHITA TIWARI, STUDENT AT AMITY LAW SCHOOL, NOIDA

BEST CITATION – HARSHITA TIWARI, MARINE INSURANCE POLICIES IN INDIA: LEGAL FRAMEWORK, RISK ALLOCATION, AND PRACTICAL CHALLENGES UNDER THE MARINE INSURANCE ACT, 1963, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (8) OF 2025, PG. 744-749, APIS – 3920 – 0001 & ISSN – 2583-2344

Abstract

Marine insurance serves as a critical tool in international trade, offering protection against the multifaceted risks involved in maritime ventures. Given the unpredictable nature of the sea and related logistics, marine insurance policies are uniquely tailored through mutual agreements between the insurer and the insured. This research explores the essential components, classifications, and legal frameworks governing marine insurance policies under the Marine Insurance Act, 1963. It also delves into the concept of insurable value and the legal principles surrounding the assignment of marine policies. By systematically analysing statutory provisions and industry practices, this paper aims to enhance understanding of the structure and practical applications of marine insurance in the Indian legal context.