The Marine Insurance Act, 1963

Section 15. Charges of insurance

In force · As amended up to 2026-08

15. Charges of insurance.— The assured has an insurable interest in the charges of any insurance which he may effect. 15. Ship.— The term "ship" includes the hull, material and outfit, stores and provisions for the officers and crew, and, in the case of vessels engaged in a special trade, the ordinary fittings requisite for the trade, and also, in the case of a steamship, the machinery, boilers, and coals and engine stores, if owned by the assured and also in the case of a ship driven by power other than steam, the machinery and fuels and engine stores, if owned by the assured.

Source: India Code