Central

Section 25 of The Marine Insurance Act, 1963 in hindi

A marine policy must specify--

(1)the name of the assured, or of some person who effects the insurance on his behalf;
(2)the subject-matter insured and the risk insured against;
(3)the voyage, or period of time, or both, as the case may be, covered by the insurance;
(4)the sum or sums insured;
(5)the name or names of the insurer or insurers.

Summary

A marine policy must include the name of the person being insured or their agent.
It must state exactly what is being insured and the specific risks being covered.
The document must describe the trip, the time period, or both that the insurance covers.
The policy must list the total amount of money that is insured.
It must list the name or names of the insurance companies providing the coverage.

Practical examples

1Anita Bose buys insurance for her vessel, the MV Star. Her policy lists "Anita Bose" as the assured, "MV Star" as the subject, "Kolkata to Singapore" as the voyage, "50 Lakhs" as the sum, and "India Marine Ltd" as the insurer. This policy meets the requirements of the 1963 Act.

2A shipping company gets a policy that just says "all ships for 2024." Under the 1963 Act, this policy must be careful to specifically name the company, the ships, the time period, the money amount, and the insurers to be valid.

FAQ

1. What details are required in a marine policy under the 1963 Act?

Under Section 25 of the Marine Insurance Act, 1963, a policy must specify the name of the assured, the subject and risks, the voyage/time, the sum insured, and the insurers.

2. Does a marine policy need the insurer's name?

Yes, Section 25 of the Marine Insurance Act, 1963, explicitly requires the name or names of the insurer or insurers to be specified.

3. Can a policy just cover a trip without a time limit?

Yes, Section 25 of the Marine Insurance Act, 1963, allows a policy to specify a voyage, a period of time, or both.

4. Does the name on the policy have to be the owner?

No, Section 25 of the Marine Insurance Act, 1963, says it can be the name of the assured or the person who effects the insurance for them.

Test yourself

Q1.Which of the following must be specified in a marine policy under Section 25 of the Marine Insurance Act, 1963?

Q2.Under Section 25 of the Marine Insurance Act, 1963, whose name must appear on the policy?

Q3.Under Section 25 of the Marine Insurance Act, 1963, what detail regarding the coverage must be specified?

Q4.Under Section 25 of the Marine Insurance Act, 1963, what must be stated about the insurance providers?

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