The oldest form of Insurance, dating back to the coffee houses of the 18th century, it is defined as a contract whereby the marine insurer undertakes to indemnify the assured in the manner agreed on the policy, against losses for marine adventure.
A marine adventure was first defined in law by the 1906 Marine Insurance Act as existing where
1) tangible property is exposed to loss by maritime perils
2) any pecuniary interest etc, is thereby endangered
3) any third party liability which may be incurred.
Voyages must be lawful for the boat to be insurable.
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