POLICY OF INSURANCE, OR ASSURANCE, of ships, is a contract or convention, by which a person takes upon himself the risks of a sea-voyage; obliging himself to make good in part or in whole the losses and damages that may befall the vessel, its equipage, tackle, victualling, lading, &c. either from tempests, shipwrecks, pirates, fire, war, reprisals, in consideration of a certain sum, more or less, according to the risk; which sum is paid down to the assurer by the assured upon his signing the policy.