Marine Insurance Law

Marine insurance law governs the insurance of ships and cargo against risks at sea. It protects shipowners and cargo owners from financial losses due to incidents like shipwrecks, piracy, or damages. This law recognizes the unique hazards of marine navigation and outlines the rights and responsibilities of insurers and insured parties. Key principles include indemnity (compensating losses), utmost good faith (full disclosure of risks), and the concept of marine perils (specific risks covered). Essentially, it ensures that maritime commerce can proceed with reduced fear of financial catastrophe due to unforeseen maritime events.