The marine insurance has the following essential features which are also called fundamental principles of marine insurance.
(i) Features of general contract.
(ii) Insurable interest.
(iii) Utmost good faith.
(iv) Doctrine of indemnity.
(v) Subrogation.
(vi) Warranties.
(vii) Proximate cause.
(viii) Assignment & nomination of the policy.
(ix) Return of premium.
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