Marine insurance protects against losses from marine adventures, which are losses incident to marine transport. It covers international trade by sea, the cheapest mode of transport. A marine insurance contract indemnifies the assured for losses from perils related to a marine adventure in exchange for a premium. It can cover hulls and machinery or cargo. To have an insurable interest, a person must stand in a legal or equitable relationship to the adventure or property such that they may financially benefit from its safety or be prejudiced by its loss.