Marine Insurance is the type of insurance wherein insurable interest need not exist when the policy is taken.
Under a contract of marine insurance, the insurer undertakes to indemnify the insured in the manner and*to the extent thereby agreed, against marine losses. It is an arrangement by which the insurers undertakes to compensate the owner of a ship or cargo for complete or partial loss at sea. Insurable interest is the subject matter which must be exist at the time of loss but it needs not exist when the policy is taken.