Marine Insurances

History of marine insurance marine insurance as we know it today, can be described as mother of all insurances it is believed to have originated in england owing to the frequent movement of ships over high seas for commerce and trade in india, marine insurance has been in vogue for several centuries.The people across the world, had a system of: pooling their contributions so that if any one of them suffers loss during voyage he would be compensated from the pool. Today marine insurance has assumed a vast dimensions due to ever expanding trade across the globe. It involves large shipping companies that require protection: not only for their costly fleet against the perils of the sea, but also to the cargo being carried in each of these ships. The value of each ship and the cargo carried therein, may be costing millions of rupees to the owners.

Marine insurance market lloyd's, established in london, is the biggest center for marine insurance in the world lloyd's was a coffee house frequented by the tradesmen, ship-owners and others the coffee house became the meeting ground for: brokers, insurers and ship owners for negotiating their business. Marine insurance  in the current scenario, however is, much more then, what was envisaged earlier it is now required to protect the interest of: the owner of the ship owner of the cargo the person interested in freight for liabilities and in respect of fines imposed for various reasons?