A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the insured, in manner and to the extent thereby agreed, against marine losses, in consideration of a premium paid by the insured. It is a contract of indemnity. It must have insurable interest. The doctrine of subrogation applies to it. The usual form of the policy is what is called “Lloyd’s Policy”. Lloyds are a registered body of several members and a broker is always employed in the case of this policy. Sometimes, a company policy also may be issued.

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