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KembaraXtra – Legal Terms – Marine Insurance
Marine insurance is a type of insurance contract under which the insurer agrees to compensate the insured for losses connected with maritime activities and sea voyages. It may cover ships, cargo, freight payments, or liabilities arising during transportation by sea.
The insurance may protect against risks such as storms, fire, piracy, collisions, war risks, seizure, or barratry. Policies may apply to a single voyage, a fixed period of time, or both, depending on the agreement between the parties.
Marine insurance law distinguishes between actual total loss and constructive total loss. A total loss occurs where the property is completely destroyed or irretrievably lost, while a constructive total loss arises where recovery or repair would be impractical or excessively costly.
The law governing marine insurance in the United Kingdom is mainly contained in the Marine Insurance Act 1906. The Act also requires that the insured possess an insurable interest, meaning a genuine financial stake in the subject matter insured.
Marine insurance is a type of insurance contract under which the insurer agrees to compensate the insured for losses connected with maritime activities and sea voyages. It may cover ships, cargo, freight payments, or liabilities arising during transportation by sea.
The insurance may protect against risks such as storms, fire, piracy, collisions, war risks, seizure, or barratry. Policies may apply to a single voyage, a fixed period of time, or both, depending on the agreement between the parties.
Marine insurance law distinguishes between actual total loss and constructive total loss. A total loss occurs where the property is completely destroyed or irretrievably lost, while a constructive total loss arises where recovery or repair would be impractical or excessively costly.
The law governing marine insurance in the United Kingdom is mainly contained in the Marine Insurance Act 1906. The Act also requires that the insured possess an insurable interest, meaning a genuine financial stake in the subject matter insured.
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