Understanding Marine Insurance - History And Nature
A Marine insurance is a contract, whereby the insurer promises to indemnify the insured person against all the losses, which may occur to the subject matter of the policy. A policy of marine insurance contains the terms and conditions and the manner for providing indemnity to the assured for losses suffered in respect of the subject matter, in the course of any marine adventure. History and Evolution of Marine Insurance: Marine Insurance first began during the end of the 12th Century in the cities of Northern Italy, and was the first type of insurance imported to England. They wrote the first policy of its kind in 1300s. In the ancient times, different kinds of trades took place. Firstly, trades were land based. Moreover, later on, there was use of even the water route for trade purposes, and water transportation became more commercially significant. On passing of the Bubble Act, 1720, tw...