Answer
The 6 Principles of Marine Insurance:
Utmost Good Faith (Uberrimae Fidei): Both parties must disclose all material facts transparently.
Insurable Interest: You can only insure something if you have a legal/financial stake in it.
Indemnity: Insurance restores the insured to their financial position before the loss—you cannot make a profit from a claim.
Subrogation: Once the insurer pays the claim, they inherit the right to sue the third party who caused the damage.
Contribution: If insured by multiple companies, they share the payout proportionately; you cannot claim the full amount from all of them.
Proximate Cause (Causa Proxima): The primary, active, and most direct cause of the loss determines if the claim is valid under the policy.
What is Insurable Interest? Under the Marine Insurance Act, a person has an "insurable interest" if they benefit from the safety or due arrival of the insured property, or if they would be prejudiced/suffer a financial loss by its damage, loss, or detention.
Shipowner: Has an insurable interest in the ship.
Charterer: Has an insurable interest in the freight.
Master/Crew: Have an insurable interest in their wages.