Report No. 67
Section 2(20)-Revised Definition of "Policy of Sea Insurance"
"20. (4) 'Policy of Sea Insurance' or 'Sea Policy'-
(a) means any instrument of insurance against loss, damage or liability arising from a sea risk, made upon
(i) any ship or vessel (whether for marine or inland navigation), or
(ii) machinery, tackle or furniture of any ship or vessel, or
(iii) any goods, merchandise or property of any description whatever on board of any ship or vessel, or
(iv) the freight of, or any other interest which may be lawfully insured, in or relating to, any ship or vessel, and
(b) includes any instrument or insurance of goods, merchandise or property for any transit which includes not only a sea risk within the meaning of clause (a) but also any other risk incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance.
(2) Where any person, in consideration of any sum of money paid or to be paid for additional freight or otherwise
(i) agrees to take upon himself any risk attending goods, merchandise or property of any description whatever while on board of any ship or vessel, or
(ii) engages to indemnity the owner of any such goods, merchandise or property against any risk, loss or damages, such agreement or engagement shall be deemed to be a contract for sea insurance.
* It has been mentioned as Appendix 2 in the Report published by the Law Commission.