Marine insurance also referred to as waterborne insurance is an agreement where one party undertakes the payment of premium and the other undertakes to indemnify the assured to the extent of all losses, damages and costs that arise from maritime peril and contingency; unless specified otherwise in the agreement. Marine insurance has become one of the most important forms of insurance and is one of the oldest forms of insurance policy which continues to develop from its original form. The long history, and its specialty focus make Marine insurance a relatively independent insurance system.

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