With specific reference to the law relating to marine insurance: (i) Explain the meaning of the term „maritime perils‟. (ii) Highlight any four matters that a marine insurance policy must specify.

(i) Maritime perils means the perils consequent on or incident to the navigation of the sea; that is to say, perils of the seas, fire, war, pirates, rovers, thieves, captures and seizures.

(ii) Matters that a marine insurance policy must specify:

• The name of the assured or of some person who effects the insurance on his behalf.
• The subject matter insured and the risk insured against.
• The sum or sums insured.
• The name or names of the insurers.