As we know there are many type of insurance. Marine insurance is one of them. It is believe that marine insurance is the oldest form of insurance. It is an attempt to minimize the loss and damage due to perils of the sea in course of sea transportation. Marine insurance is the agreement between insurer and insured with certain rules and regulation. 

Marine insurance is the contract in which the insurance company promise to pay the sum of amount when there is loss due to the sea in course of sea transportation. Marine insurance is the agreement where the insurer undertakes to indemnify the insured and to the extent they agreed against marine losses.

Marine insurance covers a large number of risks including sinking, burning of ship, standing or going astray of the ship, collision of ship, accident., explosion, stormy winds causing losses to the ship and cargo and many other perils of the sea. Thus marine insurance is useful to the business to get compensation from the insurance company when there is loss or damage of property due to perils of the sea.