Marine insurance is the business of effecting of policies and carrying out contracts of insurance:
- Upon vessels or upon machinery, tackle, furniture and equipment of vessels
- Upon goods, merchandise or property of any description on board of vessels
- Upon the freight of or any other interest in or relating to vessels
- Against liability arising out of, or in connection with the use of vessels
- Against risks incidental to construction, repair or docking of vessels, including third party risks
- Against transit risks (whether transit by sea, inland water, land or air or partly one or partly another, including risks incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance.
- Against any other risks which are customarily undertaken in conjunction with or, as incidental to, the undertaking of such business as falls within this definition.