Marine Insurance

A contract entered into between the owners of a vessel or her agents, or the master on one side, and an insurance company on the other side, whereby the latter, in consideration of a certain sum of money, insures or idemnifys the vessel, or the cargo, or both, against the perils of the sea for a certain voyage, or for a certain length of time. The written instrument in which the contract of marine insurance is embodied is called a policy of insurance.