BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:—
1. Short title and commencement.—(1) This Act may be called the Marine Insurance Act, 1963.
(2) It shall come into force on such date1
as the Central Government may, by notification in the
Official Gazette, appoint.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “contract of marine insurance” means a contract of marine insurance as defined by section 3;
(b) “freight” includes the profit derivable by a ship-owner from the employment of his ship to
carry his own goods or other movables, as well as freight payable by a third party, but does not
include passage money;
(c) “insurable property” means any ship, goods or other movables which are exposed to maritime
perils;
(d) “marine adventure” includes any adventure where—
(i) any insurable property is exposed to maritime perils;
(ii) the earnings or acquisition of any freight, passage money, commission, profit or other
pecuniary benefit, or the security for any advances, loans, or disbursements is endangered by the
exposure of insurable property to maritime perils;
(iii) any liability to a third party may be incurred by the owner of, or other person interested
in or responsible for, insurable property by reason of maritime perils;
(e) “maritime perils” means the perils consequent on, or incidental to, the navigation of the sea,
that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints
and detainments of princes and peoples, jettisons, barratry and any other perils which are either of the
like kind or may be designated by the policy;
(f) “movables” means any movable tangible property, other than the ship, and includes money,
valuable securities and other documents;
(g) “policy” means a marine policy;
(h) “ship” includes every description of vessel used in navigation;
(i) “suit” includes counter-claim and set-off.