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Under Section 39 of the Marine Insurance Act 1906, in a voyage policy there is an implied warranty that the vessel is "reasonably seaworthy in all respects": S. 39 (1) In a voyage policy there is an implied warranty that at the commencement of the voyage the ship shall be seaworthy for the purpose of the particular adventure insured.
A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income.
Maritime law is inherently international, and although salvage laws vary from one country to another, generally there are established conditions to be met to allow a claim of salvage. [1] The vessel must be in peril, either immediate or forthcoming; the "salvor" must be acting voluntarily and under no pre-existing contract; and some life or ...
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
The maritime lien is one of three in rem claims capable of being brought under UK admiralty law. Whilst being a common law instrument, it has been codified under s.21(3) of the Senior Courts Act 1981 [2] along with s.21(2) [3] and s.21(4), [4] its statutory counterparts.
The law of carriage of goods by sea is a body of law that governs the rights and duties of shippers, carriers and consignees of marine cargo. [1]Primarily concerned with cargo claims, this body of law combines the international commercial law, the law of the sea and admiralty laws.
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The buyer can claim against the seller for all consequences of claims made against the vessel which have been incurred before the time of delivery. If the ship cannot settle down all the mortgages and other claims attached to the ship before the delivery, the buyer can discharge the purchase price to cover this part of the claim.