104. It is defined more fully than a contract by which one of the parties, known as an “insurer”, binds to the other, the insured, to pay him a sum of money or, in the event of an accidental event, usually or particularly provided for by the contract, to compensate him otherwise for a premium that the latter pays. or agrees to pay for it. Overcoats. Part 3, 8, 588; 1 Bouv. Inst. n. 1174. 2. The instrument with which the contract is concluded is a policy; Insurance events or causes, risks or risks and the thing ensures the subject or insurable interest. 3) Marine insurance covers material risks and risks at sea; property insurance from fire, is called fire insurance; and the various treaties in such cases are a fire-fighting policy.