Marine Insurance Laws

Marine insurance laws are part of maritime law that govern the financial protection for ships and cargo against loss or damage at sea. These laws create contracts between insurers and parties involved in shipping, ensuring coverage for risks like sinking, collisions, or piracy. The principles of indemnity and utmost good faith are central, meaning insurers only compensate for actual losses and both parties must honestly disclose relevant information. Ultimately, marine insurance helps to stabilize the shipping industry by providing necessary assurance and security for maritime ventures.