Need for law of insurance in globalised world

The trade and commerce across the world has expanded due to economies of scales in the present world. The export and import of goods and services among various countries are smoothly carried out due to a large number of international conventions, which have given way to almost identical local laws in some fields being enacted by different nations (e.g., Marine Insurance Act – 1908 of UK or Marine Insurance Act – 1963 India).

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