Marine Insurance Legislation
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Marine Insurance Act 1906
Marine Insurance Act 1906
(6 Edw 7 c 41)Marine Insurance
Marine insurance defined
1. A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.NOTES
The distinction between marine and non-marine insurance is significant for two general reasons. First, class by class authorisation for the carrying on of insurance business is required under the Financial Services and Markets Act 2000. Second, the law of marine and non-marine insurance varies in a number of respects. The following is a non-exhaustive list: