Marine insurance is a contract of indemnity whereby one party (the insurer), in consideration of a specified payment (the premium), undertakes to guarantee another party (the assured) against risk of loss through maritime perils. It dates back to the earliest days of trading between countries and the carriage of goods by sea. Since it is a contract of indemnity, the assured can only recover from the insurer the amount of loss actually sustained.
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- Marine Insurance
F.I.W.Sc. Jack H. Leigh
Alan G. Randall
- Macmillan Education UK