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Marine Insurance Act, 1963 2. Definitions In this Act, unless the context otherwise requires,- (a) "contract of marine insurance" means a contract of marine insurance as defined by section3; (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 designed 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.    |
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