International Marine Insurance Code

The International Marine Insurance Code (IMIC) is a legal framework that provides guidelines and standardized practices for marine insurance, which covers the risks associated with shipping goods over water. It aims to create transparency and fairness in marine insurance contracts, ensuring that both insurers and policyholders understand their rights and obligations. The code addresses issues like policy formation, claims handling, and the responsibilities of the parties involved, helping to mitigate disputes and promote consistency in the industry. Overall, it plays a crucial role in facilitating international trade by protecting shipping interests.