The United Kingdom Marine Insurance Act 1906

The United Kingdom Marine Insurance Act 1906 is a law that governs marine insurance, which protects ships and cargoes against loss or damage at sea. It clarifies the rights and responsibilities of both insurers and shipowners, emphasizing the need for honesty in disclosing risks. The Act established fundamental principles, including indemnity (compensating for loss) and insurable interest (ownership involvement). It serves as a basis for resolving disputes and ensures fairness in maritime trade, promoting confidence in shipping operations. Essentially, it provides a legal framework for maritime risks, fostering a reliable insurance market.