Marine insurance compensates for losses or damages of ships, cargo, terminals, depots and any transport by which property is transferred, acquired or held between the point of origin and the final destination. The Marine Insurance Act 1906 defines the marine insurance as a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against the marine losses incident to the marine adventure. Cargo insurance is a subset of marine insurance, as well as Hull and Protection, Marine Casualty, and Marine Liability.