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The Contract of Marine Insurance serves as a crucial legal instrument in Saudi Arabia's maritime sector, providing Sharia-compliant insurance coverage for various marine risks. This document is essential when parties need to establish comprehensive insurance protection for vessels, cargo, or other maritime interests operating under Saudi jurisdiction. The contract must comply with the Law on Supervision of Cooperative Insurance Companies and its implementing regulations, as well as Saudi Arabia's Commercial Maritime Law. It includes detailed provisions for risk coverage, premium calculations, claims procedures, and dispute resolution mechanisms, all structured within the framework of Islamic finance principles. The document is particularly important for international shipping operations involving Saudi ports or waters, and for Saudi-based maritime companies requiring local insurance coverage.

1. Parties: Identification of the insurer (takaful operator) and the insured party, including full legal names, registration numbers, and addresses

2. Background: Context of the insurance arrangement, nature of the marine risk being insured, and confirmation of Sharia compliance

3. Definitions: Detailed definitions of key terms used in the contract, including maritime-specific terminology and insurance concepts

4. Scope of Cover: Detailed description of what risks are covered, including types of marine perils, geographical limits, and duration of coverage

5. Premium (Contribution): Details of the insurance premium (takaful contribution), payment terms, and consequences of non-payment

6. Insured Values: Specification of the values of insured vessels, cargo, or other marine interests

7. Obligations of the Insured: Duties of the insured including disclosure requirements, maintenance standards, and compliance with maritime regulations

8. Claims Procedure: Process for making claims, required documentation, and timeframes for notification

9. Exclusions: Specific risks and circumstances that are not covered under the policy

10. Warranties and Conditions: Specific conditions that must be complied with to maintain coverage

11. Cancellation and Termination: Circumstances and procedures for ending the insurance coverage

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution procedures

13. Notices: Methods and addresses for official communications between parties