LL.M.
IV SEMESTER
SUBJECT: INSURANCE LAW
L-4003
Evolution of Legal Frame work for Marine Insurance in India
1- Insurance Law in India had its origins in British Law with the
establishment of a British firm, The Oriental life Insurance Company in
1818 in Calcutta.
2- The Bombay Life Assurance Company in 1823.
3- The Oriental Life Assurance Company in 1874.
4- The first General Insurance Company Triton Insurance Company Ltd.
Was promoted in 1850 by British Nationals in Calcutta.
5- The first General Insurance company established by an Indian was Indian
Mercantile Insurance Co. Ltd. In 197.
6- The first Legislation in India to, regulate the Life Insurance Business was
in 1912 with the passing of Indian Life Assurance Companies Act, 1912.
7- No Legislation was passed to regulate the Non Life Insurance until the
Insurance Act of 1938 was passed.
8- The General Insurance Business was nationalised in 1973, Through the
introduction of the General Insurance Business ( Nationalisation) Act,
1972.
9- Insurance regulatory & development Authority Act,199.
10- Marine insurance Business is mostly International and subject to
Law and International regulations in every state of operations. It is
governed by the Marine Insurance Act 1963 in India and guided by the
various causes formulate by the Institute of London Under writers (ILU)
and the International Commercial terms, known as “Incoterms”
developed by ICC International Chamber of Commerce.
Marine Insurance
1- It is the oldest form of Modern Insurance (Common Law)
2- It provides the Protection against the perils of Sea . ( For example Sea
Pirates , Bad weather)
3- As we discussed earlier and that becomes very clear, a contract of
Insurance has to fulfil all the Basic requirements of a Contract.
4- Elements of Marine Insurance Contract.
(a.1)Subrogation
(a)Doctrine Indemnity
(a.2)Contribution
(b)Doctrine Insurable Interest.
(c)Doctrine of utmost Good faith .
(d)Doctrine of Causa Proxima
(e) Doctrine of Warranty
(e.1) Implied
(e.2) Express
Meaning & Definition of Marine Insurance
Section 2( C&F ) & 3 of Marine Insurance Act 1963 defines Marine
Insurance and includes movables exposed to maritime perils.
Marine Insurance Policy
Voyage Policy
Time Policy
Floating Policy
Valued Policy
Unvalued or Open
Policy
Open Cover
Policy
Part Risk Policy
Specific
Policies
Clauses Incorporated in Marine Policies
1- Assignment Clause
2- Lost or not Lost Clause
3- At and From Clause
4- Ware house – to ware house or Transit Clause
5- Deviation Clause
6- Touch & Stay Clause
7- Negligence Clause
8- Running down Clause
9- Continuation Clause
10- Perils of the Sea Clause
11- All Risks Clause
12- F.G.A. Foreign General Average Clause
13- F.C.S. Free from Capture & Seizure
For further queries you may reach us via..
E-mail -
[email protected] Mob - 9837657064
Dr Vivek Kumar
Associate Professor of Law
ILS, CCSU campus, Meerut
