MIA (Marine Insurance Act) 1906

The Marine Insurance Act of 1906 is a UK law that governs marine insurance contracts, providing a framework for the protection of ships and cargo at sea. It clarifies the rights and obligations of insurers and insured parties, including the principle of utmost good faith, which requires both sides to disclose relevant information honestly. The Act outlines various types of marine risks and covers issues like losses, claims, and premiums. Its aim is to create fairness and transparency in maritime insurance, ensuring both businesses and individuals receive appropriate protection against the risks of maritime trade.