Question

What is the primary purpose of the Marine Insurance Act, 1963?

a.

To regulate maritime trade

b.

To define responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried

c.

To govern the practices of ship-owners

d.

To establish guidelines for marine insurance companies

Answer: (b).To define responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried Explanation:The primary purpose of the Marine Insurance Act, 1963, is to define responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried.

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Q. What is the primary purpose of the Marine Insurance Act, 1963?

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