Part 1 of Essay
The value of many shipments depends upon fluctuations in the currency rates, freight, handling charges, and other expenses. By means of insurance protection will be provided to goods from any uncontrollable variables. A contract of Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as: "A contract ....

Part 2 of Essay
.... or the insured's financial loss. The terms and conditions of the contract entered into with the insurer determine the amount of reimbursement that is to be received by the insured. A contract of marine insurance is embodied in a policy, which specifies: "1- The name of the insured, or of some person who effects the insurance on his behalf. 2- The subject matter insured and the risk insured against. 3- The voyage, or period of time, or both, as the case may be, covered by the insurance. 4- Th ....