Assurance, of ships, is a contract or convention, whereby a person takes upon himself the risks of a sea-voyage; obliging himself to make good the losses and damages that may befall the vessel, its equipage, tackle, victualling, lading, &c., either from tempests, shipwrecks, pirates, fire, war, reprisals, in part or in whole; in consideration of a certain sum of seven, eight, or ten per cent. more or less according to the risk run; which sum is paid down to the assured by the assured upon his signing the policy. See Insurance.