Section 2: Interpretation.

(1) In this Act unless the context otherwise requires-
"action" includes counter-claim and set-off;
"freight" includes the profit derivable by a shipowner from the employment of his ship to carry his own goods or moveables, as well as freight payable by a third party, but does not include passage money;
"moveables" means any moveable tangible property other than the ship and includes money, valuable securities and other documents;
"policy" means a marine policy;
"prescribed form" means the form of Policy in the First Schedule.
(2) For the purposes of this Act, where there is a reference to-
(a) reasonable time; or
(b) reasonable premium; or
(c) reasonable diligence,
the question of what is reasonable shall be a question of fact.