The Marine Insurance Law

Marine Insurance Law governs agreements where individuals or businesses insure ships, cargo, or related interests against risks like damage, sinking, or theft during transit. It sets out the rights and obligations of both insurers and policyholders, including how claims are handled, what coverage is provided, and legal remedies for disputes. The law ensures clarity and fairness in marine insurance transactions, promoting confidence in maritime commerce. It also addresses issues like overdue payments, claims procedures, and exclusions, helping to manage the complex risks inherent in shipping and marine activities.