Marine insurance is the first ever developed concept of insurance. It was introduced before the introduction of fire or life insurance. It provides financial security against the risk of ship traveling from one place to another. Ships can face many types of risk in the traveling route. Sometimes the conditions of storm collision, robbery, ship sinking etc may be created. These hazards are known as marine perils. In marine insurance, insurance company provides financial security against the risk of marine perils. It is also agreement between insurer and insured. Generally marine insurance is done for 1 year but if there is agreement on the subject of renewal the time of insurance can be renewed or more than year. Renewal however must e done every year.
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