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Statement of Objects and Reasons.-The Indian Navy and Indian Shipping have undergone considerable expansion since independence. But as there is no Indian legislation governing marine insurance the Indian Marine Insurance continues to be governed by the British Marine Insurance Act of 1906. Moreover, at the same time the insurance contracts in India also become subject to the provisions of Indian Contract Act, 1872. The insurance policy form used in India is the English form based on mercantile customs and business conventions. They may at times appear to be in conflict with the provisions of Indian Contract Act, 1872. The result is that the Courts have to put their own interpretations. This is obviously an unsatisfactory position, and for the smooth development of Indian Marine Insurance it is essential to have legislation consistent with Indian conditions.

The Bill seeks to codify the law relating to marine insurance.

[18th April, 1963]

An Act to codify the law relating to marine insurance.

Be it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-

Brought into force on 1.8.1963, vide S.O. 1925, dated 1.7.1963, published in the Gazette of India, Part II, Section 3(ii), dated 13.7.1963, p. 2183.