A statement by the Assured, the truth of which determines the validity of the insurance contract. A warranty may relate to matters existing at or before the issuance of the policy (affirmative warranty). Or it may be an undertaking by the Assured that something be done or omitted after the policy takes effect and during its continuance (promissory warranty). Many states have restricted by statute the common law rule that "any breach of warranty voids an insurance policy." For example, under the New York law (15C) a breach of warranty to void the policy must have "materially increased the risk of loss, damage or injury within the coverage of the contract."

This definition is in context to Ocean Marine. See more contextual defintions for Warranty.