Columbia International Affairs Online: Policy Briefs

CIAO DATE: 08/2010

Hunt, Board and Pay: The future of the Marine War Risk Policy to cover the acts of piracy

Capt. Rakish Suppiah

November 2009

Maritime Institute of Malaysia


A contract of insurance must impose an obligation upon the insurer to indemnify the assured in the event of a loss from an insured risk provided that other contractual provisions have been fulfilled. In other words, there must be a legally enforceable agreement in order to properly refer to it as a ‘contract’. Accepting that the contract between a member and his club is a contract of insurance, a further issue to consider is whether the contract of insurance amounts to a contract of marine insurance.