There are also other law such as Bill of Lading Act, Foreign Exchange Regulation Act etc. However, Marine Insurance is subject to Insurance Act, 1938.
Apart from the salient features of offer and acceptance, consideration, lawful object and legal capacity of the insured, insurable interest in Marine insurance may not exist at the time of taking the cover but it should exist at the time of loss.
Marine Insurance can be broadly divided into two categories :
i) Cargo Insurance
ii) Hull Insurance
There are also other law such as Bill of Lading Act, Foreign Exchange Regulation Act etc. However, Marine Insurance is subject to Insurance Act, 1938.Apart from the salient features of offer and acceptance, consideration, lawful object and legal capacity of the insured, insurable interest in Marine insurance may not exist at the time of taking the cover but it should exist at the time of loss. Marine Insurance can be broadly divided into two categories :i) Cargo Insurance ii) Hull Insurance
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